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Greystone Acquires Two Adjacent Park Slope Properties for New Residential and Mixed-Use Developments

NEW YORK, Jan. 23, 2015 (GLOBE NEWSWIRE) -- Greystone, a New York-based real estate development and financial services company, today announced it has acquired two adjacent properties, a vacant lot and a landmarked building in the Park Slope neighborhood of Brooklyn, New York. The combined acquisition price for the properties is $21.1 million.

The first property, known as the Brooklyn Lyceum, is located at 227 4th Avenue. Originally constructed as a public bathhouse (No. 7) and then utilized as a café and performance space in recent years, Greystone won a bid for the property at a Kings County foreclosure auction in October 2014 for $7.6 million. A landmarked building, Greystone will restore the façade and transform the interior into townhouse-style condominium residences above first-floor retail space.

The second property acquired in Park Slope is the adjoining vacant lot at 225 4th Avenue. The planned structure on this site will comprise approximately 68 rental units and 3,500 square-feet of first-floor retail space. Intended as a complement to the adjacent landmarked structure, this building will offer a number of separate luxury amenities for its residents, including a fitness room, bike storage and roof deck with views of Downtown Brooklyn and the Manhattan skyline. RKF has been retained to market the retail space for both properties to prospective tenants.

"Park Slope is quintessential Brooklyn, and the two properties we've acquired in this neighborhood will provide a mix of residential and retail amenities that are in great demand for the area," said Jeffrey Simpson, head of Greystone Property Development. "Working with landmarked buildings such as the Lyceum takes a particular level of patience and care, and we look forward to restoring the façade of such a unique building while creating equally beautiful and aesthetically pleasing interiors."

The Greystone Property Development team, based in New York, is currently working on a number of projects in prime locations in New York City and Miami, FL.

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