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. 

Greystone Development, a New York-based real estate development company, today announced that Steuben, one of Greystone’s two Clinton Hill rental buildings collectively dubbed Myrtle & Steuben, is over 50 percent leased. Dave Maundrell of Citi Habitats is exclusively handling the leasing for these properties.

Located at 100 Steuben Street, Steuben is an eight-story residential building featuring 43 residences. Designed by AB Architekten, the building offers renters studios to three-bedroom units ranging from approximately 460 to 1,140 square feet, some of which come with private outdoor space. Other building amenities include a resident lounge, game room, co-working space, fitness center, virtual doorman, rooftop terrace, as well as bike and resident storage. Net effective rents for Steuben start at $2,542.

Myrtle, the first phase of the development, is located around the corner at 531 Myrtle Avenue. Myrtle launched leasing in January 2017 and is 100% occupied.

“Both Clinton Hill properties have been incredibly successful with leasing efforts and indicate a strong rental market and high demand for similar products in this neighborhood,” said Jeffrey Simpson, head of Greystone Development. “With Clinton Hill currently experiencing a residential renaissance, we wanted to develop high-quality residences in this neighborhood and bring elevated housing options to its residents.”

Steuben is situated in the heart of Clinton Hill, and is within walking distance of several major public transportation routes. This dynamic and vibrant neighborhood offers a wide variety of restaurants, coffee shops and retail stores and is only a short distance from Pratt Institute, the Barclays Center and Fort Greene Park.

“There is very strong demand for premium boutique properties like Myrtle & Steuben in today’s New York City rental market. Given Clinton Hill’s appealing central location, mix of local businesses and neighborhood-like feel, it is no surprise that the properties are experiencing such great success,” said Maundrell.

Greystone, a real estate lending, investment and advisory company, today announced its closing of a $550,000,000 permanent Freddie Mac loan made to joint-venture partners The Moinian Group and SL Green Realty Corp. for Sky Residences (“Sky”), one of Manhattan’s premier mixed-use residential buildings. The Greystone Bassuk debt advisory team, led by Richard Bassuk and Drew Fletcher, represented the Borrower and assisted in obtaining the Freddie Mac loan through Greystone’s Affordable Lending team. The transaction marks the largest-ever single-asset tax-exempt financing completed by Freddie Mac and a first-of-its-kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg, CEO of Greystone, together with Billy Posey, Joe Mosley, and Jeff Englund, collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan process for Greystone.

Sky, located at 605 West 42nd Street, is one of New York City’s most iconic luxury rental buildings with 1,175 units and 70,000 square feet of amenity space in a 71-story tower. Developed by Moinian and designed by internationally acclaimed Rockwell Group, Sky offers an unparalleled suite of services and amenities for its residents including an exclusive multi-level fitness club; water club; spa; lap pool; NBA regulation-size basketball court; two outdoor pools; café; kids’ club; and a private outdoor park design by Thomas Balsley. The building also holds the unique distinction of being the largest single-tower residential building in the United States, with 25% of its units designated as moderate and affordable housing.  Lifetime Fitness, Volvo and Icon Parking occupy commercial space and the property also includes an onsite parking garage. The project is utilizing 4% Low Income Housing Tax Credits and both tax-exempt and taxable variable rate bonds issued by New York State Housing Finance Agency (HFA).

The Freddie Mac loan completes an exit from the original construction financing provided by Bank of China and Union Labor Life Insurance Company in 2014.  The permanent loan was structured as a direct purchase by Freddie Mac of the HFA bonds with a pre-stabilized funding and early spread lock. Freddie Mac completed the direct purchase of the bonds with plans to securitize the bonds in a single-asset securitization, a first-of-its-kind structure that provided certainty of execution while also delivering pricing far below a standard bond credit enhancement. The structure was put in place under the Affordable New York Housing Program, the city’s revamped 421-a tax abatement program.

“Sky brings more than 1,100 new apartments—25 percent with long-term affordability restrictions—to the front lines of the affordable housing crisis,” said David D. Leopold, Vice President, Targeted Affordable Sales & Investments at Freddie Mac Multifamily. “Such a large, complex transaction took a strong partnership between Freddie Mac, the New York State Housing Finance Agency, Greystone, and The Moinian Group. I thank them for their dedication to increasing the amount of affordable rental units in an area that critically needs it.”

“The Moinian Group is extremely proud to deepen its relationship with Freddie Mac with this ground-breaking transaction,” said Joseph Moinian, CEO and Founder of The Moinian Group. “David Brickman, David Leopold and the entire senior leadership team at Freddie Mac worked tirelessly alongside Steve Rosenberg and his counterparts at Greystone, to deliver a one-of-a-kind execution for the premier asset in our portfolio. For more than 20 years we have been investors along the Far West Side, where we own more than four million square feet. Our enthusiasm for the neighborhood is greater now than ever before.” 

“We are thrilled to have collaborated successfully with Freddie Mac and Greystone’s lending team to deliver such a market-leading execution for Moinian’s premier project, Sky,” said Drew Fletcher, President, Greystone Bassuk. “This financing marks the culmination of over a decade of investment by Joe Moinian which has catalyzed the development of Manhattan’s Far West Side into one of the City’s most dynamic and fastest-growing residential neighborhoods.”

"While mixed-income multifamily lending deals of this size don't occur every day, it's truly gratifying to know that Freddie Mac's commitment to affordable housing can be applied in such an impactful way," said Jeff Englund, Senior Managing Director of Greystone's Affordable Lending group. "Affordable housing is desperately needed in New York and nationwide, and Greystone remains committed to helping to finance transactions that create or preserve this housing for the long term."

Greystone Development, a New York-based real estate development company, today announced that Harlem 125, a new rental development located at 69 East 125^th Street in East Harlem, is over 50 percent leased in less than two months. Dave Maundrell of Citi Habitats is the exclusive leasing agent.

Designed by Kutnicki Bernstein Architects, the development comprises two adjoining towers, a boutique seven-story tower along 126^th street and a 12-story tower fronting 125^th street yielding 75 new residences in total. The new residences range from studios to three-bedroom units, with many offering outdoor space. The interiors and finishes, designed by Lauren Williams of Lauren Jayne Designs, leverage refined industrial materials fused with contemporary elements. The building also features 12 original artworks by celebrated local artist Lance Johnson. Additionally, residents can enjoy numerous amenities, including a furnished rooftop terrace and courtyard, virtual doorman, parking garage, fitness center with outdoor space, bicycle storage, laundry room, resident storage and security. Prices for available units start at $1,995.

“We wanted to offer a product that was, up until now, absent in this marketplace. And with leasing reaching 50% in less than two months, this only affirms our belief that Harlem is a very desirable and highly sought-after residential neighborhood,” said Jeffrey Simpson, Head of Greystone Development.

Located along the bustling 125^th Street corridor of Harlem, this prime location is within walking distance of multiple transportation options, green space, highly acclaimed restaurants, retail and several other new developments, including the newly-opened Whole Foods on Lenox Avenue.

“East Harlem has seen a renewed interest in recent months. The neighborhood’s historic brownstones and wide sidewalks, exciting new developments and retail offering combined with competitive pricing are drawing a wide variety of residents to this neighborhood,” said Maundrell. 

For more information, visit www.harlem125nyc.com. 

Greystone, a real estate lending, investment and advisory company, today announced that Kelley Klobetanz has joined as a Managing Director on the FHA team. In this role, Ms. Klobetanz will focus on expanding client relationships in the multifamily, affordable and healthcare sectors, and strategic initiatives to further streamline the FHA process for Greystone clients. Based in Denver, Colorado, Ms. Klobetanz will team with Senior Managing Director, Scott Thurman to further expand Greystone’s lending expertise and availability to clients in the west.

Prior to joining Greystone, Ms. Klobetanz was a Senior Vice President and FHA Deputy Chief Underwriter at Prudential Huntoon Paige Associates, Ltd. She is MAP and LEAN certified to underwrite HUD-insured transactions and has worked on over 70 deals totaling $1 billion in her 15-year career. Prior to joining Prudential, Ms. Klobetanz performed market analysis, worked as a project manager for a private developer, and worked for the City of Arvada's Economic and Development Department and the Urban Renewal Authority.

Ms. Klobetanz stated, “This role at Greystone represents an opportunity to utilize my underwriting and relationship management skills in an impactful way, creating a completely new experience for clients. Greystone’s technology and commitment to the FHA platform is unparalleled, and the company’s passion for iterative improvement is so energizing.” 

"We are building the absolute Dream Team in the FHA industry and Kelley brings to Greystone the rare combination of deep underwriting expertise and a dogged 'can-do' determination to find solutions rather than impediments to getting deals done," said Mordecai Rosenberg, head of Greystone's FHA lending business. "With our streamlined technology, best-of-the-best creative underwriting minds, and constant process refinement, Greystone provides an experience for our clients and --just as importantly --our own team members that is easier, faster, and more predictable than has ever existed in the FHA industry... and we're just getting started."

Greystone Development, a New York-based real estate development company, announced the official start of leasing for Steuben - located at 100 Steuben Street in Clinton Hill, Brooklyn. Steuben is the second of a pair of new luxury rental buildings developed by Greystone Development. The first, Myrtle, located around the corner at 531 Myrtle, launched leasing in January 2017 and is 100% occupied.

Envisioned by AB Architekten, Steuben is an eight-story residential building thoughtfully designed to retain historic aspects of the Civil War Era buildings that define the neighborhood. The 43 residences consist of studios to three-bedroom units ranging from approximately 460 to 1,140 square feet, with some featuring private outdoor space. The anticipated net effective rents start at $2,000 and are being handled exclusively by Dave Maundrell and his team at Citi Habitats New Developments.

“With the rapid absorption in just four short months for rental units at 531 Myrtle, we are anticipating strong demand for its sister property, Steuben, as well,” said Jeffrey Simpson, Head of Greystone Development.

“As the summer leasing season kicks into high gear, we’ve experienced strong interest, with the leasing team already inundated with applications,” said Jill Preschel, VP of Marketing. 

Steuben includes a full range of amenities for residents including a fitness center with a courtyard view; common rooftop with barbecue; resident media lounge with co-working space and game room; virtual doorman; bike storage; and resident storage. Located within walking distance of several major public transportation routes, the development is situated in the heart of Clinton Hill. This vibrant, dynamic neighborhood offers a wide variety of restaurants, coffee shops and retail stores and is only a short distance away from Pratt Institute, Barclays Center and Fort Greene Park.

“Myrtle Avenue has recently undergone a transformation into one of Brooklyn’s premier retail corridors, helping drive interest in the desirable Clinton Hill neighborhood. We are excited to introduce the second state-of-the-art rental building to potential renters looking for a luxury living experience in the heart of North Brooklyn,” said Maundrell.

For more information, visit www.myrtleandsteuben.com.