Greystone Nabs $42M to Revamp Historic NYC Building
- Nov 28, 2016
by Evelina Croitoru
New York—Greystone Development has secured $41 million in construction financing for the renovation of a historical Beaux-Arts building located at 164 West 74th St.
“We see this financing as a vote of confidence in Greystone’s ability to create and complete a property that will not only sell, but will also add charm to the surrounding neighborhood. We have a reputation for preserving and amplifying landmarked NYC buildings, and with our own institutional backing, our institutional partners have made a secure investment in the NYC condominium market,” Jeff Simpson, CEO of Greystone Development, said.
The renovation of the residential condominium has been approved by NYC’s Landmarks Preservation Commission. The eight-story building totals about 30,000 square feet. Architect Barry Rice has reimagined the original historic structure of the property with a south-facing rear façade, inspired by the Grand Courtyards of Europe. Juliet balconies and terraces will be added to a chevron-shaped rear exterior, as well as a Versailles-inspired lobby and interior designs from Maureen McDermott of Winter McDermott Design, which will complete the transformation of the building to its original use as a luxury residence.
An institutional lender provided $32.5 million in construction financing and Black Bear Asset Management secured $9.45 million in preferred equity for the project, which is being developed by Greystone in a joint venture with Prime Rok Real Estate. Stribling Marketing Associates’ Alexa Lambert will head the sales efforts alongside Greystone Development Marketing, which will be responsible for the marketing of the project.
Rendering courtesy of Greystone