Greystone Development, a New York-based real estate development company, today announced that Steuben, one of two Clinton Hill rental buildings collectively known as Myrtle & Steuben, is over 75 percent leased. Dave Maundrell of Citi Habitats is exclusively handling the leasing for these properties.
Located at 100 Steuben Street, Steuben brings 43 sleek, new residences, of which one bedrooms averaging 615 square feet, remain available. Designed by AB Architekten, the eight-story building features a variety of alluring amenities including a fitness center, rooftop terrace, virtual doorman, resident lounge with designated co-working space, as well as bike and resident storage. Prices for available units start at net effective pricing of $2,342.
Myrtle, located around the corner, launched leasing in January 2017 and is 100% occupied.
“Our successful leasing efforts with both properties indicate a strong demand for high-quality properties that offer valuable amenities for residents to meet, relax, entertain or work. These spaces truly resonate with the prospects,” said Thomas Ryan, head of Greystone Development.
Located in the heart of Clinton Hill, Steuben boasts access to a wide variety of restaurants, coffee shops and retail stores. The property is within walking distance to several major public transportation routes and is only a short distance from Pratt Institute, the Barclays Center and Fort Greene Park.
Greystone Development, a New York-based real estate development company, today announced that its newly-opened building, Harlem 125, is over 75 percent leased. Dave Maundrell of Citi Habitats is the exclusive leasing agent for the property.
Located at 69 East 125th Street, Harlem 125 brings 75 residences to the heart of Harlem. Envisioned by Kutnicki Bernstein Architects with interiors designed by Lauren Williams of Lauren Jayne Design, the two-tower development has one-, two- and three-bedroom homes – boasting incredible light and air – for immediate move-in and net effective rents starting at $2500.
The speedy lease-up can be attributed to delivering a product that resonates with the market, attracting residents from near and far. For the active person-on-the-go, the property offers both bicycle storage and car parking, as well as close proximity to the subway and Metro North train station, and a high-design gym outfitted with a boxing station and outdoor space.
For the prospective resident desiring a quintessential Harlem cityscape, the North building offers views of streets lined with trees and townhomes. For the person who wants the entire building to feel like an extension of their home, Harlem 125 boasts a meticulously designed, thoughtfully appointed lobby with reclaimed wood, white brick and concrete inspired floors, a furnished courtyard and roof top for relaxing or entertaining. Additionally, 14 original Harlem-inspired murals by local artist Lance Johnson adorn the hallways throughout. Other features include a virtual doorman, laundry room, resident storage and security.
“Harlem 125 has successfully filled a need for quality housing in this uptown market, and has received a great amount of interest from the community,” said Jeffrey Simpson, Head of Greystone Development. “With the growth of East Harlem’s 125th Street corridor, we are excited to be a part of the vibrancy and resurgence of the neighborhood.”
The property boasts 5,600 square feet of ground floor retail along 125th Street, with nearly half leased to the Metropolitan Transportation Authority (MTA) for its newest 2nd Avenue subway community information center. This prime location is within close proximity to several public transportation options, green space, highly-acclaimed restaurants and retail, including the recently-opened Whole Foods on Lenox Avenue.
New Community Corporation (NCC), one of the largest, most comprehensive community development corporations in the U.S., and Greystone Affordable Development, a leading services provider for affordable housing recapitalization, rehabilitation and development transactions, have joined together to help ensure the preservation of critical urban affordable housing in the Newark, NJ community in a $160 million transaction.
Working closely with the New Jersey Housing and Mortgage Finance Agency and the City of Newark Greystone Affordable Development facilitated the acquisition and rehabilitation financing transaction which will help ensure the long-term preservation of 842 units of Section 8 rental housing together with valued on-site services. Hudson Housing Capital provided $48 million in low income housing tax credit equity, alongside the $80 million in tax-exempt and taxable debt provided by Freddie Mac and Greystone’s Affordable lending arm. As part of the preservation activities, units across the four properties managed by NCC will receive approximately $60,000 each in extensive renovations including substantial upgrades to both the interior and exterior of the buildings provided by Claremont Construction Group.
“The revitalization process at NCC serves as a model for how we can ensure the legacy of our city, and others like it,” said Ras. J. Baraka, Mayor of Newark. “Newark is making clear and measurable efforts to increase the amount of available affordable housing, and NCC’s contributions to serving the at-risk community is a critical component to the City’s future success.”
NCC has been at the vanguard of providing safe, decent, and affordable housing for low-income residents for 50 years. Their vast array of services are provided under one roof and reach every stage of life for their residents. NCC offers a one-stop resource center, early childhood development, youth services, workforce training, adult continuing education, family transitional housing, food pantry, mental health services, extended care for seniors, a community newspaper and arts and cultural events.
“Our residents will now be able to enjoy a renewed environment and have the assurance that their home will be preserved for many years to come, all while maintaining the services and facilities on which they rely heavily for everyday life,” said Richard Rohrman, CEO, New Community Corporation. “Our residents’ well-being is primary in achieving our mission, and we are thrilled with the outcome of this public-private partnership.”
“One elected official said to me when we started New Community that our homes were too good for poor people. The housing should look poor. No, it shouldn’t look poor. It should look how much we love. It’s a sign of our love, not their condition,” added Monsignor William J. Linder, Founder, New Community Corporation.
“Teaming with an organization such as New Community Corporation is truly meaningful to Greystone, as we are able to positively impact the lives of thousands by preserving the environment they call home. Our expertise is in complex financial transactions, but our true mission is to better the lives of those affected by the work we do. That said, we are both excited and humbled to have been able to work with New Community Corporation and the New Jersey Housing and Mortgage Finance Agency on such a critical process,” said Tanya Eastwood, President, Greystone Affordable Development.
“We are honored to provide financing for this critical project, which will deliver millions of dollars to renovate and preserve 842 affordable housing units in Newark, New Jersey,” said David D. Leopold, Vice President, Targeted Affordable Sales & Investments at Freddie Mac Multifamily. “This financing is the result of a strong partnership, and we thank Greystone Affordable Development, New Community Corporation and the New Jersey Housing and Mortgage Finance Agency for their commitment to preserving affordable housing in an area facing a significant shortage.”
Newark Councilwoman Gayle Chaneyfield Jenkins further added, “My father Joe Chaneyfield was one of the original founders and also vice president of the board for New Community Corporation. He worked step by step with his close friend Monsignor Linder to achieve the dream of resurrecting Newark out of the ashes. We have come this far by faith and work. Monsignor and the founders of NCC built a legacy on a strong foundation of faith, courage, determination and giving an opportunity to everyone. It gives me great joy to see his legacy continued in a way that has such a positive impact on the quality of life for Newark residents.”
Underscoring the growing popularity and demand for Freddie Mac’s Small Balance Loan offering, it was announced today that the platform has achieved, for the first time since the SBL offering’s inception in late 2014, $1 billion in funded loans in under a year from a single lender, Greystone.
Freddie Mac’s Small Balance Loan offering provides a competitive option for loans between $1 million and $6 million on multifamily properties comprising between 5 and 50 units. The flexible loan offering provides six different hybrid ARM and fixed-rate financing solutions with 30-year amortization and up to 80% LTV in certain markets.
Since its launch in 2014, the SBL offering has funded a total of $10.5 billion and over 4,000 loans. Illustrating its commitment to the Freddie Mac SBL lending platform since the offering’s launch, Greystone was the first lender to close an SBL loan in 2014, a $1.9 million loan on a 6-unit property in Newport Beach, CA.
"Greystone has been a strong partner from the inception of our Small Balance Loan Program and remains a pillar of its success," said David Brickman, executive vice president and Head of Freddie Mac Multifamily. "On behalf of Freddie Mac Multifamily, we congratulate Greystone on achieving this significant milestone, and look forward to strengthening our partnership in the months and years to come."
“Appetite for the Freddie Mac Small Balance Loan offering is growing by leaps and bounds, and we look forward to the next billion in funded deals,” added Rick Wolf, head of Greystone’s small balance loan production.”
"Our relationship with Freddie Mac is stronger than ever, and we are honored to have reached this funding milestone with them," said Stephen Rosenberg, CEO, Greystone. "Greystone is committed to being the easiest and most delightful lender to work with by empowering our employees and investing in technology."
Greystone, a commercial real estate lending, investment, and advisory firm, today announced Ken Rogozinski has joined Greystone Bassuk, one of its real estate advisory companies, as an Executive Managing Director. In this newly created role, Mr. Rogozinski will help expand Greystone Bassuk’s Agency origination capabilities with a focus on developing cutting-edge solutions for the group’s large and sophisticated client base. In addition, Mr. Rogozinski will also help build structured debt products and complex, specialized financing solutions for real estate owners and developers seeking debt and equity for construction and portfolio refinancing of multifamily and mixed-use assets.
Mr. Rogozinski was most recently Chief Credit Officer and a co-founder of Dreadnought Capital Management, an SEC registered investment advisor. There, he focused on direct lending and debt investing in public-private housing and project finance, overseeing more than $1.1 billion in deployed capital. Prior to that, Mr. Rogozinski served as an Executive Director and Co-head of Municipal Structured Products at JP Morgan, and as Co-head of the Municipal Housing Group at Morgan Stanley. Mr. Rogozinski also previously was a Vice President at Greystone, where he was responsible for securitization programs for student loans, municipal housing bonds and other tax-exempt assets.
“Over the years, Greystone has expanded its lending, investment, and advisory capabilities and is now one of the most sought-after firms in the commercial real estate debt and equity markets,” noted Mr. Rogozinski. “Being able to now return to Greystone and build out specialized offerings for clients is a tremendous opportunity - their dedication to customer service and entrepreneurial culture are admirable traits which sets the organization apart from others.”
“One of Greystone Bassuk’s most powerful differentiators is our ability to work with our clients as a direct lender in addition to arranging capital as an intermediary. As we continue to expand our business, Ken’s breadth of knowledge in municipal and structured finance will be a tremendous asset to our platform,” said Drew Fletcher, President, Greystone Bassuk. “His experience in complex finance structures will tie together a range of resources and capabilities at Greystone and create a holistic and comprehensive service offering. We are thrilled he’s returning to Greystone in this capacity.”
Based in Greystone’s New York office, Mr. Rogozinski reports to Mr. Fletcher.
Greystone Development, a New York-based real estate development company, and Alta Developers, today announced it has launched leasing at the highly-anticipated 2500 Biscayne building in the Edgewater district of Miami, FL. The glistening 19-story rental building boasts 156 residential units at the epicenter of the area’s burgeoning arts enclave and within close proximity to Biscayne Bay.
2500 Biscayne Boulevard is comprised of one- and two-bedroom units all with private outdoor space. The property boasts a thoughtful amenity package designed to cater to the active lifestyle of its residents with a pool, sundeck, lounge and game room, coffee bar, concierge, garage, and a fitness center. Leasing and Management is being handled by RIVERGATE KW Residential.
“2500 is a top property in one of Miami’s most desirable urban neighborhoods, and we are so excited to spearhead the leasing,” said Marcie Williams, President of RIVERGATE KW Residential. “We look forward to the opportunity to work with Greystone Development on this stunning community.”
Greystone curated a dream team of talent. Design visionary Architect Robert Behar of Behar Font & Partners envisioned a property that seamlessly integrated the historic alongside of the newly constructed, larger tower optimizing the footprint and also the experience for the resident. The homes Behar Font & Partners crafted maximize light, air and views with magnificent floor to ceiling windows. Floorplans are open and include a chef-inspired kitchen with quartz countertops, energy-efficient stainless-steel appliances, walk-in closets and in-unit washer dryers. RJ Heisenbottle imagined a restoration of the historic portion that would bring the structure back to its former glory.
Architect Robert Behar introduced Greystone to local artist and longtime family friend Magnus Sodamin. Parlaying off of the aesthetic that Behar Font established, Magnus created two exterior art murals spanning 75 and 90 feet wide. The murals take into consideration the culture and context of the surrounding neighborhood, pulsating with excitement and color. Through and through, 2500 Biscayne radiates light and vibrancy, offering the local market a truly unique product.
“Each successive Miami project that we take on becomes more exciting, and 2500 Biscayne brings a unique element to the Edgewater district with its ‘historical meets modern’ aesthetic,” said Jeffrey Simpson, head of Greystone Development. “We thank our partners in making the building a success, as the final result has exceeded our expectations. It’s a gorgeous addition to the neighborhood,” he added.
“2500 Biscayne pays tribute to the neighborhood’s roots by meticulously preserving the historical portion that reflects many of the signature architectural elements of the Mediterranean Revival Style,” said Jill Preschel, Vice President of Marketing, Greystone Development. “And with the modern addition of Magnus’ striking work on the exterior, the property makes a beautiful statement embracing the culture known to this area of Miami.”
Elsewhere in South Florida, Greystone is currently developing The Aura, a 14-story mixed-use apartment building designed by Borges + Associates Architects. Located at 1501 SW 37th Avenue, The Aura will feature 100 residences and 6,400 square feet of ground floor retail, with over 150 feet of frontage along a highly trafficked retail corridor.
