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Greystone Completes Acquisition of 2 West Water Street for Sag Harbor Residential Development

NEW YORK, April 04, 2016 (GLOBE NEWSWIRE) -- Greystone Development, a New York-based real estate development and advisory company, announced it has acquired 2 West Water Street in Sag Harbor for $4.94 million. The waterfront property, acquired from seller Bruce Davis, will be incorporated into the planned 11 total residences designed by architect Robert A.M. Stern.

“We remain deeply committed to the completion of this project and are looking forward to creating a beautiful addition to the waterfront landscape in Sag Harbor,” said Jeffrey Simpson, head of Greystone Development. “We have assembled an incredible team to bring this development to life and are thrilled with the projected outcome for our first Hamptons project.”

Situated on 1, 3, and 5 Ferry Road and 2 West Water Street, Greystone’s Sag Harbor project will include a staggered row of single-family houses evoking a typical early 19th-century whaling village streetscape. The exteriors will be outfitted in New England Shingle Style with clapboard and cedar shakes, and the existing structure on the parcel will be reinterpreted from the inside-out. All of the homes within the approximately 30,000-square-foot project will offer water-facing porches sized for dining and entertaining, roof-deck plunge pools and individual garages.

In addition to the residences on Ferry Road, the waterfront property will include a new dock and 11 boat slips, with public access to a landscaped park.

About Greystone Development
Greystone Development is a real estate investment and advisory company headquartered in New York. The group creates boutique luxury rental and condominium residences and prime quality commercial spaces in gateway cities including New York City, Miami and Silicon Valley. For more information, visit www.greystonepd.com.

PRESS CONTACT: Karen Marotta Greystone 212-896-9149 Karen.Marotta@greyco.com

Source: Greystone