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.  

Greystone, a real estate lending, investment and advisory company, today announced it has provided $68,100,000 CMBS loan for the refinance of Vineyards at Forest Edge in Dallas, TX. The loan was originated by Rob Meehan of Greystone, and the transaction closed on May 26.

The CMBS financing includes a 10-year fixed term at a low rate. The Vineyards at Forest Edge is a 1,218-unit multifamily property boasting 11 swimming pools, four hot tubs, four playgrounds, two outdoor soccer fields, 24-hour fitness center, club room, social center, and kids club. The largest multifamily property in Dallas, The Vineyards at Forest Edge was constructed in 1984 and maintains 95.2% occupancy. The existing owner acquired the property in 2015.

“CMBS execution for this refinance transaction was the most favorable option for this property, given the current market dynamics, and it remains a wonderful overall execution for the right scenario in a number of other markets,” said Rob Russell, Head of CMBS Production at Greystone. “We are seeing the CMBS market pick up in the multifamily space overall, with more opportunities to execute this reasonably fast, fixed permanent financing.”

Greystone Development, a New York-based real estate development company, announced the official start of leasing today for Harlem 125,  located at 69 East 125^th Street in East Harlem. Encompassing four adjacent lots on 125^th and 126^th Streets between Park and Madison Avenues, Harlem 125 brings 75 new residences to the heart of Harlem.

Envisioned by Kutnicki Bernstein Architects, the development is comprised of two adjoining towers, a boutique seven-story tower fronting 126^th Street and a 12-story tower on 125^th Street. The rental building includes studio, one-, two-, and three-bedroom units; many with outdoor space.

“Harlem 125 is just one important part of Greystone Development’s ever expanding residential portfolio, but it’s a very special one. We aimed to offer a residential product that was missing from this marketplace; one with thoughtful amenities, modern touches and homes that celebrate the community, and I feel we’ve successfully delivered exactly that,” said Jeffrey Simpson, Head of Greystone Development.

Harlem 125 incorporates spaces for residents to relax and entertain. The property includes a furnished rooftop terrace and courtyard, virtual doorman, parking garage, fitness center with outdoor space, bicycle storage, laundry room, resident storage and security. The anticipated market rents start at $1,994 for studios and will be offered exclusively by leasing agent Dave Maundrell and his team at Citi Habitats New Developments.

The interiors and finishes of Harlem 125 are designed by up-and-coming designer Lauren Williams of Lauren Jayne Design, a boutique design firm specializing in high-end residential and hospitality interiors. Inspired by art, music and the history of the neighborhood, the design also embraces refined industrial vibes intermixed with contemporary elements. In her third collaboration with Greystone, Lauren outfitted the kitchens with GE stainless steel appliances, stainless steel tiled backsplashes and Caesarstone countertops. The sleek, modern design continues into the bathrooms, which feature soaking tubs and both subway and Italian Ragno tiling.

Williams worked hand-in-hand with celebrated local artist, Lance Johnson, who is creating 12 original murals for Harlem 125. The artwork complements the overall aesthetic of the interiors and captures the spirit of Harlem dating back to the Harlem Renaissance. Johnson draws his inspiration from a variety of musical genres that span generations, including jazz, soul and hip-hop. Back in October 2016, Johnson also created a custom 76-foot mural for the project that was displayed outside of the building for a limited time.

“We strive to create one-of-a-kind properties that embrace and benefit their neighborhood,” said Simpson. “Leveraging the emerging creative talent of Lauren Williams and Lance Johnson, we have created something that is truly unique and pays homage to Harlem’s roots and rich cultural heritage.”

Additionally, the property boasts 5,600 square feet of ground floor retail on the bustling 125^th Street corridor of Harlem, with 2,250 already leased to the MTA for its new 2^nd Avenue subway community information center. This prime location is within close proximity to several public transportation options, green space, highly acclaimed restaurants, retail and several other new construction projects in progress, including the much-anticipated Whole Foods, opening this summer on Lenox Avenue.

For more information, visit www.harlem125nyc.com.

Greystone Development, a New York-based real estate development company, today announced that Myrtle, the first of a pair of luxury rental homes known as Myrtle & Steuben, is over 70 percent leased in less than two months. Dave Maundrell of Citi Habitats is exclusively leasing Myrtle and Steuben.  

Myrtle features studio, one-, and two-bedroom units ranging from approximately 400 to 895 square feet, many with private outdoor space. Envisioned by AB Architekten, the building includes floor-to-ceiling double-glazed windows, with great light and air flowing into each unit and a fitness center offering soaring views of the Manhattan skyline. Other amenities include a rooftop terrace with lounge and BBQ area, virtual doorman, bike storage and laundry in each unit. Prices for available units start at $2,850.

The second phase of the development, Steuben, is located around the corner at 100 Steuben Street and will launch in the upcoming weeks. Steuben offers 43 residences consisting of studios to three bedrooms ranging from approximately 460 to 1,140 square feet. Steuben amenities will include a resident lounge, game room and co-working space as well as a fitness center, virtual doorman, rooftop terrace, bike and resident storage.

“We set out to create modern homes that pleasantly surprised local residents, effectively elevating the housing options in Clinton Hill. We harnessed AB Architekten’s vision, which was a marriage of their signature minimalist style and cool palette of blues and grays to create a unique space that resonated with the local marketplace.

It has been such a huge success, and we are thrilled to have set new benchmarks for velocity of absorption in Clinton Hill,” said Jeffrey Simpson, head of Greystone Development. “Clinton Hill is currently experiencing a residential renaissance, and we are excited to be contributing not only one, but two high-quality additions to this neighborhood.” 

Located on the resurgent Myrtle Avenue corridor of Clinton Hill, this prime location is within walking distance of several major public transportation routes. Additionally, the property boasts 9,000 square feet of retail space which has already attracted two premier retail tenants, European Wax Center and The Commissary Kitchen. 

“Clinton Hill is quickly becoming a destination for residents, as the neighborhood's central location is extremely appealing to New Yorkers and its mix of independently-owned businesses immersed within the Pratt campus gives the area a true neighborhood feel," said Maundrell. "There is a very strong marketplace in NYC today for premium boutique properties like Myrtle & Steuben and when matched up with a location like we have, it's basically the best of both worlds.”

Greystone Development, a New York-based real estate development company, announced the appointment of Christopher Britt as head of its new construction company affiliate, Greystone Builders. Greystone Builders is a full-service Construction Manager capable of providing expertise and oversight for the Greystone portfolio as well as third party projects. Its value add services include preconstruction guidance, management of all phases of design, budgeting, on-site supervision, cost monitoring, schedule maintenance and quality control. Greystone Builders’ diverse experience makes it uniquely qualified to provide solutions for any complex issues. 

In this new role, Mr. Britt will be responsible for the oversight of the properties, including spearheading day-to-day operations, and optimizing conditions to maximize timely and cost-effective delivery of the properties.

Mr. Britt joins Greystone Builders with more than 20 years of industry experience. Prior to Greystone, he participated in the launch of Bravo Builders, a construction management startup. He spent the last three years contributing to the growth of that firm, which expanded from five to over 50 employees, and with a number of projects in development.

Before Bravo Builders, Mr. Britt was a Project Manager at Sciame Construction, where his talents were concentrated on four commercial properties spanning almost one million square feet throughout the Tri-State area. Prior to Sciame Construction, Mr. Britt functioned as the in-house, construction project manager for two separate New York-based architecture firms.

“This is a great opportunity to lead construction management at Greystone Builders,” said Mr. Britt. “Greystone Development is truly a one-stop-shop for real estate.”

“We are thrilled to have Christopher at the helm of this new business unit, which is uniquely involved in all steps of the construction process from inception to completion,” said Thomas Ryan, SVP at Greystone Development. “We are confident that Christopher will continue to further Greystone’s unparalleled level of service, helping us to provide the highest standards of quality and value in real estate development.” 

Greystone, a real estate lending, investment and advisory company, today announced that Jerry Muir has joined as a Managing Director working with the Agency lending team. A 25-year veteran of Fannie Mae, Mr. Muir will focus on building out Greystone’s manufactured housing lending platform.

Mr. Muir most recently served as Director of Multifamily Credit/Underwriting at Fannie Mae, responsible for a 12-state Southeast Region, with a dual role in having developed and managed the manufactured housing community (MHC) lending platform at the GSE. Mr. Muir managed the MHC platform at Fannie for over 15 years, overseeing over $10 billion in financing for this asset class.  

Mr. Muir, who reports to Joe Mosley, Executive Vice President of Fannie Mae and Freddie Mac Lending, will work closely with the Origination Team to identify lending opportunities with owners of manufactured housing communities.  

“Jerry’s new role at Greystone is one that will elevate our capabilities in an asset class that’s seeing growing interest and activity,” said Mr. Mosley. “With Jerry’s credentials from over 25 years at Fannie Mae, his deep industry expertise and MHC industry knowledge gives Greystone an edge as we will boost this platform.” 

“After a long career at Fannie Mae, the role at Greystone provided a unique opportunity to work across a range of lending platforms that are relevant to manufactured housing,” said Mr. Muir. “Having worked with the Greystone team for decades, it was a natural fit to help build the MHC business with a best-in-class group.