The Real Deal New York

Greystone buys Clinton Hill sites from Rabsky

Developer plans two rental projects with expected value of $50M

October 06, 2014 11:30AM

white-castle

531 Myrtle Avenue and Greystone’s Stephen Rosenberg

UPDATED, 11:49 a.m., Oct. 6: Midtown-based developer and financial services firm Greystone acquired two Clinton Hill development sites owned by Simon Dushinsky’s Rabsky Group, according to a spokesperson for Greystone. The projected value of the sites after they are redeveloped is a combined $50 million.

Greystone plans to build an unspecified number of high-end rental apartments at 529-533 Myrtle Avenue and 100-102 Steuben Street. Rabsky had filed plans in May to build a 27-unit, five-story apartment building at the Myrtle Avenue site, which now houses a White Castle restaurant. Karl Fischer was hired as the architect. A spokesperson said the details of Greystone’s rental project are still being determined.

The Myrtle Avenue site offers 30,000 buildable square feet, while the Steuben Street site, which houses a factory, offers 20,000 buildable square feet, according to PropertyShark. The purchase price of the buildings was not disclosed. — Mark Maurer

  • BKinvestor44

    Are you really telling me they paid $1000/ft per buildable?? Please do your homework

    • LBKR

      Read the article. It says 50M value upon completion.

MENU