NEW YORK, March 19, 2018 (GLOBE NEWSWIRE) -- Greystone Development, a New York-based real estate development company, today announced it has completed the ground-up construction of 2500 Biscayne Boulevard, a 19-story mixed-use property in Edgewater, FL. In conjunction with the completion, Greystone sold its stake in both the residential and retail portions of the recently completed property.
Co-developer Alta acquired Greystone’s remaining residential stake of the 156 rental unit property, while investment partner Infinity Real Estate acquired the full retail portion of the asset, which comprises 11,500 square feet. The retail spaces are currently leased to Mount Sinai Medical Center, Mercantil Bank, and Rice Mediterranean Kitchen.
“Greystone’s model enables us to embark on a project from scratch and see it through to completion, such as 2500 Biscayne, and there is no greater satisfaction than that,” said Thomas Ryan, head of Greystone Development. “We have truly enjoyed working alongside Alta and Infinity to see 2500 Biscayne come to life, and we are thrilled with the outcome. As we exit our position, we look forward to our next development challenge, whether it is in Miami, or beyond.”
Infinity partner David Berg noted, “Over 7,000 units have come into the market since 2014, with nearly 2,000 more units in the pipeline. Edgewater is one of Miami’s most exciting high-growth submarkets, and we are delighted to be serving the neighborhood with convenience retail making this community more pedestrian friendly and enjoyable to live in.”
Infinity has invested more than $165 million in Miami real estate since 2014. The Company’s holdings are diversified across Edgewater, Wynwood and South Beach.
Berg added, “Greystone and Alta have been great partners throughout this project. We thank them and wish them great success in all of their endeavors. We also greatly appreciate Mercantil Bank for being a valued financing partner and for choosing this location as home to another one of their branches.”
The development of 2500 Biscayne follows the 2016 completion and sale of The Mile at Coral Gables, marking the second successful collaboration between Greystone and Alta.
About Greystone Development
Greystone Development is a full-service real estate developer. Since 1992, Greystone has acquired, repositioned and developed over $2 billion in properties nationwide spanning approximately 3.5 million square feet. Our portfolio is diverse, comprised of condominium, rental, office, retail, mixed use and healthcare properties. Greystone Development is currently developing 15 real estate projects in premier markets such as New York, Miami and Palo Alto. For more information, visit www.greystonedevelopment.com. Greystone Development is a part of the Greystone group of companies, active in real estate lending, investment and advisory. For more info, visit www.greyco.com.
About ALTA Developers
ALTA Developers is a South-Florida based real estate joint venture development firm, whose members have been involved in some of the most noteworthy additions to the South Florida real estate landscape, including Le Parc at Brickell, 3900 Biscayne, Baltus House, One Paraiso, and Neovita. These properties have been ahead of the curve from the start of each project-often leading the way for future development in the areas and neighborhoods they occupy. Through advanced aesthetics and technology, Alta Developers developed with a commitment to environmental sustainability and cultural integrity, ensuring a continued stature as landmark properties in a particular destination. To date, this smart, thorough approach to development has resulted in being ever watchful for future opportunities in emerging neighborhoods throughout Miami, Fort Lauderdale, and beyond. Learn more at www.altadevelopers.com.
About Infinity Real Estate, LLC
Infinity Real Estate is a privately‐owned developer, owner, and manager of high quality real estate in primary U.S. markets. The Company’s portfolio includes over 60 individual properties representing approximately 2.5 million square feet of retail, office and hospitality space and over 1,200 luxury rental apartments. Through its affiliates and portfolio companies, Infinity has managed in excess of 115 properties representing over 20 million square feet. The Company’s principals have led or have directly transacted in over $5 billion of real estate related investments spanning the acquisition or development of individual properties and portfolios, as well as several private corporate deals. The Company has established a strict investment discipline centered on active management of all its projects. Infinity Real Estate was founded in 2005 by Steven J. Kassin and is headquartered in New York City. For more information about Infinity Real Estate, visit www.infinityre.com.