Greystone, the New York-based real estate development and financial group, has sold its Printhouse Lofts, a 36-unit luxury apartment building in Williamsburg to Clarion Partners, a real estate investment manager.
The sale was arranged by Jeff Julien, managing director, Rob Hinckley, director and Andrew Scandalios, senior managing director.
Located at 139 North 10th Street, Greystone bought the former printing building for $15.8 million last year and converted the 1900’s industrial-style warehouse into a luxury rental apartment building with modern amenities. Printhouse Lofts is currently 100 percent leased.
“We couldn’t be more thrilled with the outcome for the conversion, development and positioning of Printhouse Lofts,” said Jeff Simpson, head of Greystone’s property development group. “Knowing they are familiar and active in the NYC market, we are pleased that Clarion Partners recognized the opportunity to acquire such a strong core asset in a desirable submarket.”
“We believe that Printhouse Lofts is a top institutional-quality asset in one of New York City’s fastest growing and popular neighborhoods,” noted Gary Rufrano, a director at Clarion. “We are pleased to expand our apartment portfolio in Williamsburg and believe this property will complement 44 Berry Street, another Williamsburg loft apartment building that we own nearby.”