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Greystone Acquires Harlem Land Parcels for Mixed-Use Development

NEW YORK, Dec. 15, 2014 (GLOBE NEWSWIRE) -- Greystone, a New York-based real estate development and financial services company, today announced it has acquired four adjacent land parcels on 125th and 126th Streets in Harlem, New York. The properties were purchased at an auction in United States Bankruptcy Court in the Southern District of New York for $11.5 million.

The Harlem properties are located at 69, 71, and 75 East 125th Street and 58 East 126th Street. The connected parcels will be developed into a single mixed-use property with approximately 12 floors, and is intended to include a mix of market rate residential units and affordable housing units.

The properties are located on 125th and 126th Streets between Park and Madison Avenues, within close proximity to 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," said Jeffrey Simpson, head of Greystone Property Development. "We look forward to being a part of the exciting development of upper Manhattan."

The Greystone Property Development team, based in New York, is currently working on a number of projects in prime locations within Manhattan, the outer NYC boroughs and Miami.

About Greystone

Greystone is a financial services and private investment group whose original core business is real estate lending. Over the years, Greystone has added business lines that are related to, and are natural extensions of, its core business. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Real Estate and Healthcare. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion. For more information, visit www.greyco.com.

CONTACT: PRESS CONTACT: Karen Marotta PR Manager, Greystone 212-896-9149 KMarotta@Greyco.com

Source: Greystone