Greystone Development closes on $26.8 million acquisition with Prime Rok Real Estate

Manhattan, NY In a joint venture with Prime Rok Real Estate, a Midtown-based developer, Greystone Development has closed on the $26.8 million acquisition of 164 West 74^th St. Acquisition financing was provided by Mercantil Commercebank, a strategic partner of Greystone Development. 

Located on the prime, tree-lined block of 74^th St. between Amsterdam and Columbus Aves., the Beaux-Arts building consists of eight stories and 30,000 gross s/f.

“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 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 architect Barry Rice. This is the second collaboration between Greystone and Rice. Rice was carefully selected for his ability to 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 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.