Greystone Buys Harlem Land Parcels for M-U Development
- Dec 16, 2014
Greystone is giving Harlem, New York a real estate boost by purchasing four adjacent land parcels in the area with the intent of turning them into a mixed-use project.
The New York developer dropped $11.5 million through a bankruptcy auction for three lots on 125th Street and one on 126th Street, with plans of developing a single mixed-use property with approximately 12 floors,with a mix of market-rate residential units, affordable housing and retail on the first floor.
“The 125th St corridor is seeing unprecedented change, with many large developers investing in the area. Greystone saw that this assemblage was located within close proximity of a major transportation hub, and that an immense amount of retail and residential-oriented amenities are planned or in the works,” Jeffrey Simpson, head of Greystone Property Development told Commercial Property Executive. “The Harlem neighborhood has always been desirable for us from a development standpoint, and these four parcels provide an opportunity to build a mix of market rate and affordable housing units that will serve the area as it grows and changes.”
The properties are located between Park and Madison avenues, within close proximity to several public transportation options, green space, restaurants, retail, and several other new construction projects in progress, including a Whole Foods on Lenox Avenue, according to a news release. In total. the development will entail 75 rental units, according to Simpson.
“There is an unmet need for residential housing in Harlem, in particular, as the city’s population continues to expand and sprawl to parts north and east. We look forward to contributing to the need for those in NYC as well,” Simpson added.
The Greystone Property Development team, based in New York, is currently working on a number of projects in prime locations within Manhattan, the outer NYC boroughs and Miami, according to the release.