NEW YORK CITY—Greystone Development has secured nearly $42 in total financing for a residential condominium conversion of a landmarked Beaux-Arts building at 164 W. 74th St. The developer is creating the project in a joint venture with Prime Rok Real Estate.
An institutional lender with a longstanding relationship with Greystone provided $32.5 million in construction financing while Black Bear Asset Management provided $9.45 million in preferred equity for the project.
The condo conversion—which has been approved by NYC's Landmarks Preservation Commission—includes a build-out of approximately 30,000 square feet across an eight-story building. The project's architect has re-imagined the original, historic structure in a design inspired by the Grand Courtyards of Europe, as well as notable Upper West Side residential properties.
Stribling Marketing Associates' Alexa Lambert will head the sales effort, in collaboration with Greystone Development Marketing for the marketing of the project.
“We see this financing as a vote of confidence in Greystone's ability to create and complete a property that will not only sell, but will also add charm to the surrounding neighborhood,” says Jeff Simpson, CEO of Greystone Development. “We have a reputation for preserving and amplifying landmarked NYC buildings, and with our own institutional backing, our institutional partners have made a secure investment in the NYC condominium market. We value our long standing relationship with them.”
“We are confident in Greystone's ability to execute its strategy for the asset and look forward to delivery of this product to the market at an attractive price point,” adds Arthur Bellini, managing partner of Black Bear Asset Management.
An institutional lender with a longstanding relationship with Greystone provided $32.5 million in construction financing while Black Bear Asset Management provided $9.45 million in preferred equity for the project.
The condo conversion—which has been approved by NYC's Landmarks Preservation Commission—includes a build-out of approximately 30,000 square feet across an eight-story building. The project's architect has re-imagined the original, historic structure in a design inspired by the Grand Courtyards of Europe, as well as notable Upper West Side residential properties.
Stribling Marketing Associates' Alexa Lambert will head the sales effort, in collaboration with Greystone Development Marketing for the marketing of the project.
“We see this financing as a vote of confidence in Greystone's ability to create and complete a property that will not only sell, but will also add charm to the surrounding neighborhood,” says Jeff Simpson, CEO of Greystone Development. “We have a reputation for preserving and amplifying landmarked NYC buildings, and with our own institutional backing, our institutional partners have made a secure investment in the NYC condominium market. We value our long standing relationship with them.”
“We are confident in Greystone's ability to execute its strategy for the asset and look forward to delivery of this product to the market at an attractive price point,” adds Arthur Bellini, managing partner of Black Bear Asset Management.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
