April 2, 2015
By Daniel Geiger
Greystone, a prolific real estate investment firm and lender, has acquired a small TriBeCa retail building for $17 million.
The company bought 108 Chambers St., a one-story, 2,000-square-foot property, from retail investment firm Ashkenazy Acquisition Corp. The deal closed Thursday.
The property may be diminutive, but it has larger potential. The site has about 12,000 square feet of unused residential development rights, according to Jeffrey Simpson, who heads Greystone Property Development, the company’s acquisition and development arm. That means the site, which is situated at a highly desirable corner lot in one of the city’s hottest residential neighborhoods, could become home to a high-end condo development. The entrance to the Chambers Street subway station also sits directly in front of the site—further enhancing its value.
But plans to convert the retail property into condos will have to wait. Mr. Simpson said that Ashkenazy just arranged two leases that will fill the retail space at 108 Chambers St. for the next decade. He could not yet disclose the tenants.