NEW YORK, Nov. 23, 2016 (GLOBE NEWSWIRE) -- Greystone Development, a New York-based real estate development company, secured $41,950,000 in total financing for the transformation of a landmarked Beaux-Arts building at 164 West 74th Street. An institutional lender with a long standing relationship provided $32.5 million in construction financing, and Black Bear Asset Management provided $9.45 million in preferred equity for the project. Greystone is developing the project in a joint venture with Prime Rok Real Estate.
“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,” said Jeff Simpson, CEO of Greystone Development. “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. We value our long standing relationship with them.”
"We are confident in Greystone's ability to execute its strategy for the asset and look forward to delivery of this product to the market at an attractive price point," said Arthur Bellini, Managing Partner of Black Bear Asset Management.
The residential condominium conversion, which has been approved by NYC’s Landmarks Preservation Commission, includes a build-out of approximately 30,000 square feet across an eight-story building. Architect Barry Rice has reimagined the original, historic structure with a south-facing, rear façade, inspired by the Grand Courtyards of Europe, as well as many notable Upper West Side Residential Properties. Juliet balconies and terraces will be added to a chevron-shaped rear exterior, evoking a spirit of neoclassical form and function. A Versailles-inspired lobby and interior designs from Maureen McDermott of Winter McDermott Design will complete the transformation of the building to its original use as a luxury residence, all with a contemporary brush for modern appeal.
Stribling Marketing Associates’ Alexa Lambert will head the sales effort, in collaboration with Greystone Development Marketing for the marketing of the project.
About Greystone Development
Greystone Development is a full-service real estate developer. Since 1992, we have acquired, repositioned and developed over $2 billion in properties nationwide spanning approximately 3.5 million square feet. Our portfolio is diverse, comprised of condominium, rental, office, retail, mixed use and healthcare properties. Greystone Development is currently developing 15 real estate projects in premier markets such as New York, Miami and Palo Alto. For more information, visit www.greystonedevelopment.com.
About Prime Rok Real Estate LLC
Afshin Hedvat is Principal of Prime Rok Real Estate LLC. Prime Rok, is a Manhattan-based commercial real estate development and investment firm, focusing primarily on the opportunistic acquisition and development of residential and commercial assets. Afshin has been a transformative figure in the New York real estate market over the last decade and continues to change the New York landscape with his visionary developments. With over 500,000 square feet of commercial property under management, Prime Rok has become a quiet force in the New York real estate market.
About Black Bear Asset Management
Founded in 2008 by Arthur D. Bellini and William Fung, the primary business of Black Bear Asset Management LLC ("BBAM") is to manage client and proprietary capital through value and growth-oriented investments in real estate and real estate-related assets across the United States. The firm's investment strategy seeks to achieve attractive risk-adjusted returns from current income and capital appreciation by investing in property and debt-driven opportunities in commercial real estate. Our approach adheres to BBAM's investment philosophy of risk control, consistent performance and stringent financial analysis. BBAM’s team of talented professionals has expertise in many facets of the real estate market including finance, development, land use, leasing, construction, building operations, and law.