Brooklyn Development Properties Acquired by Greystone

The New York City-based real estate development and financial services company Greystone has acquired two Brooklyn, N.Y., development properties totaling more than $50 million in value.

New York—The New York City-based real estate development and financial services company Greystone has acquired two Brooklyn, N.Y., development properties totaling more than $50 million in value.

Greystone made the announcement, whose Greystone Property Development team, headed by Douglas Benach, closed the transactions. Both properties had been acquired within the 60 days prior to the announcement.

One of the properties is a five-story, 30,000-square-foot loft conversion at 137-43 North 10th St. between Berry St. and Bedford Ave. in Williamsburg. The building will be converted into a 36-unit, upscale multifamily property.

Among notable features of the residences will be 12-foot ceilings, large windows and central HVAC. The building will feature a community-style rooftop space.

The other property is a vacant development site in the DUMBO section of Brooklyn at 47-51 Bridge St. This will be the site of a new 27-unit ground-up, multifamily rental development.

“We believe in the incredible growth occurring throughout Brooklyn, as it becomes one of the premier housing destinations in the region,” says Jeffrey Simpson, director in Greystone’s Property Development business. “The buildings will be developed to provide great New York City-quality living, while celebrating Brooklyn’s unique and vibrant past.”

The New York City-based Greystone Property Development team is now involved in an array of projects throughout the five boroughs, in leading settings from the Bronx’s City Island down to the West Village.