NEW YORK CITY—Greystone has acquired four adjacent land parcels on 125th and 126th streets—providing up to 63,839 square feet of total buildable space—in Harlem. The developer plans to convert the space to a mixed-use development.
The current footprint of the site is 10,788 square feet, including 6,000 square feet of retail, with 75 feet of retail frontage. The properties were purchased at an auction in United States Bankruptcy Court in the Southern District of New York for $11.5 million.
Greystone's newest acquisitions are located at 69, 71, and 75 E.125th Street and 58 E. 126th Street. The connected parcels will be developed into an approximately 12-floor complex with a mix of market rate residential units and affordable housing units.
The properties sit between Park and Madison avenues and are within close proximity of several public transportation options, green space, highly acclaimed restaurants, retail, and several other new construction projects in progress, including a Whole Foods on Lenox avenue.
"The 125th Street corridor is seeing interest from several large NYC developers, bringing an influx of new residential units by the hundreds, and retail and amenities that will benefit current and new neighborhood residents for years to come," says Jeffrey Simpson, head of Greystone Property Development. "We look forward to being a part of the exciting development of upper Manhattan."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
