Greystone Makes Controversial Park Slope Purchase

Greystone takes on former owner with its purchase of a Brooklyn development.

New York—Adjacent properties in the Park Slope neighborhood of Brooklyn have been purchased by Greystone for mixed-use development. The total acquisition price for 227 4th Avenue and 225 4th Avenue is $21.1 million. A spring groundbreaking is projected with completion in late 2016 or early 2017. Before the development can move forward plans must be approved by the Landmarks Preservation Commission.

“Park Slope is quintessential Brooklyn, and the two properties we’ve acquired in this neighborhood will provide a mix of residential and retail amenities that are in great demand for the area,” said Jeffrey Simpson, head of Greystone Property Development. “Working with landmarked buildings such as the Lyceum takes a particular level of patience and care, and we look forward to restoring the façade of such a unique building while creating equally beautiful and aesthetically pleasing interiors.”

Although Greystone was the highest bidder in October 2014 for 227 4th Avenue, also called the Brooklyn Lyceum, this purchase is not without controversy. Greystone won the property at a Kings County foreclosure auction with a winning bid of $7.6 million. However, former owner Eric Richmond is in the process of legal action to regain control of the historic structure. Richmond has also launched an online petition regarding the Lyceum ownership and redevelopment.

The landmark building, built in 1908, will have restored interior and exteriors with a first-floor retail space below condominium residences.

Greystone paid $13.5 million for the lot at 225 4th Avenue. The company will transfer air rights from the Brooklyn Lyceum over to the lot, and then build a 12-story multi-use building. The planned development will include approximately 68 rental units and 3,500 square feet of ground floor retail space. Amenities for residents include a fitness room, bike storage and roof deck with views of Downtown Brooklyn and the Manhattan skyline.

RKF will market the retail space in price for 227 4th Avenue and 225 4th Avenue.