NEW YORK, Feb. 22, 2016 (GLOBE NEWSWIRE) -- Greystone Development, a New York-based real estate development, lending and advisory company, in a joint venture with Prime Rok Real Estate, a Midtown-based developer, announced it has closed on the acquisition of 164 West 74th Street. Acquisition financing was provided by Mercantil Commercebank, a strategic partner of Greystone Development.
Located on the prime, tree-lined block of 74th Street between Amsterdam and Columbus Avenue, the Beaux-Arts building consists of 8 stories and approximately 30,000 gross square feet.
“Prime Rok is excited to partner with Greystone on this development. We look forward to working alongside of this talented team to bring these distinct homes to market,” said Afshin Hedvat. Within days of this product entering the market, Prime Rok immediately put the property into contract, recognizing its value as a condominium-conversion.
As both a real estate development and real estate financial services firm, Greystone is uniquely positioned to provide marketing and construction solutions, as well as exceptional financial expertise and creativity.
“We have experience working with landmarked buildings and we are excited to have the opportunity to transform this unique and notable property into a collection of carefully designed residences that will fit contextually into this architecturally significant Upper West Side neighborhood,” said Jeffrey Simpson, head of Greystone Development.
The developers have organized a team of experts, led by esteemed architect Barry Rice. This is the second collaboration between Greystone and Barry. Barry was carefully selected for his ability to masterfully integrate original details into an updated, contemporary aesthetic. One of his most impressive restoration developments to date is the Brooklyn Trust Company Building.
“It’s a gorgeous building with a pristine façade that alludes to the “fin de siècle” and “la belle epoque,” and turn of the Century European architecture. We envision a new south facing rear façade that is inspired by the Grand Courtyard of the Upper West Side’s hotel/apartment buildings such as The Ansonia. The neoclassical aesthetic of the Upper West Side’s great apartment buildings will be recalled in fenestration and materials. The end product will be a classically inspired condominium building with expansive apartment layouts for 21st Century living,” said Barry Rice.
The New York-based Greystone Development team is currently working on numerous projects in highly sought-after commercial real estate locations within Manhattan, the outer boroughs, Miami, and Palo Alto.
About Greystone Development
Greystone Development is a real estate lending, investment and advisory company headquartered in New York. Its development group creates boutique luxury rental and condominium residences and prime quality commercial spaces in gateway cities including New York City and Miami. For more information, visit www.greystonepd.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 Mercantil Commercebank
Mercantil Commercebank is a nationally chartered financial institution and one of the largest privately held banks in South Florida. The bank has been offering financial services to the communities it serves for over 35 years, and is headquartered in Coral Gables, Florida. Mercantil Servicios Financieros, a Venezuelan company, beneficially owns the Bank through United States bank holding companies. Mercantil Servicios Financieros is the largest provider of financial services in Venezuela, with more than 90 years of experience, and offices in the Americas and Europe.
About Barry Rice
Barry Rice Architects provides the highest quality design services for developers and institutions in New York’s rarefied and competitive real estate market. The firm is well-schooled in architectural history at his practice, giving meticulous attention to all project aspects. Barry started his firm in 2000; prior to that he had a 13-year tenure at Robert AM Stern. Barry is seasoned in building in landmarked districts and adaptive reuse of historic structures. His firm converted the upper floors of the Brooklyn Trust Company Building, and an individual landmarked building in Brooklyn Heights into a condominium. His current buildings include a new 16 story classically inspired residential tower at 1110 Park Avenue and the new bronze and brick clad co-op building at 100 Barrow Street in the Greenwich Village Historic district. Other notable properties include: 180 East 93rd Street, 12 East 96th Street, 823 Park Avenue and 40 East 72nd Street.