Greystone, a New York-based real estate development and financial services company, announced this week that it had acquired development properties with a projected value of over $50 million. The terms of the deal for the two development properties in Brooklyn, New York were not disclosed, but Greystone did announce that the transactions were closed by the Greystone Property Development team, overseen by Douglas Benach.
"We believe in the incredible growth occurring throughout Brooklyn as it becomes one of the premier housing destinations in the region," said Jeffrey Simpson, Director in Greystone's Property Development business. "The buildings will be developed to provide great New York City quality living, while maintaining and celebrating Brooklyn's unique and vibrant past."
The properties include 137-43 North 10th Street in Williamsburg and 47-51 Bridge Street in Dumbo, Brooklyn. The 10th Street building, purchased from Brooklyn developer Rabsky Development, is a five-story, 30,000 square foot loft conversion that Greystone pans to convert to a 36-unit multifamily property. The property on Bridge street is a vacant development site that will be transformed into a 27-unit rental project.
For more news and information visit Blumberg Capital Partners.
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