Greystone Development, a New York-based real estate development, lending and advisory company, in a joint venture with Prime Rok Real Estate, a Midtown-based developer, has closed on the acquisition of 164 West 74th Street.
According to published reporters, the partners paid $27 million for the property.
Acquisition financing was provided by Mercantil Commercebank, a strategic partner of Greystone Development.
Located on the tree-lined block of 74th Street between Amsterdam and Columbus Avenue, the Beaux-Arts building consists of eight stories and approximately 30,000 gross square feet.
“Prime Rok is excited to partner with Greystone on this development. We look forward to working alongside of this talented team to bring these distinct homes to market,” said Afshin Hedvat.
Within days of this product entering the market, Prime Rok immediately put the property into contract, recognizing its value as a condominium-conversion.
As both a real estate development and real estate financial services firm, Greystone is positioned to provide marketing and construction solutions, as well as financial expertise and creativity.
“We have experience working with landmarked buildings and we are excited to have the opportunity to transform this unique and notable property into a collection of carefully designed residences that will fit contextually into this architecturally significant Upper West Side neighborhood,” said Jeffrey Simpson, head of Greystone Development.
The developers have organized a team of experts, led by architect Barry Rice. This is the second collaboration between Greystone and Rice who was selected for his ability “to masterfully integrate original details into an updated, contemporary aesthetic.ˮ
Among his restoration developments to date is the Brooklyn Trust Company Building.
“It’s a gorgeous building with a pristine façade that alludes to the “fin de siècle” and “la belle epoque,” and turn of the Century European architecture,ˮ said Rice. “We envision a new south facing rear façade that is inspired by the Grand Courtyard of the Upper West Side’s hotel/apartment buildings such as The Ansonia. The neoclassical aesthetic of the Upper West Side’s great apartment buildings will be recalled in fenestration and materials.
“The end product will be a classically inspired condominium building with expansive apartment layouts for 21st Century living.”
The New York-based Greystone Development team is currently working on numerous projects in real estate locations within Manhattan, the outer boroughs, Miami, and Palo Alto.