The Real Deal New York

Greystone planning 75 unit-project at 125th Street

Developer recently purchased the East Harlem sites for $11M

February 04, 2015 11:23AM
By Tess Hofmann

69 East 125th Street (inset: Jeffrey Simpson)

69 East 125th Street (inset: Jeffrey Simpson)

Greystone plans to construct two Harlem residential towers with a total of 75 rental units, according to property records filed with the city today. The Manhattan-based real estate investment and lending firm paid $11.5 million for four adjacent parcels at a bankruptcy auction late last year.

The permits call for two buildings at 69 East 125th Street with the tallest rising 12 stories and 120 feet. The buildings will include 57,488 square feet of residential space with a mix of market rate and affordable apartments and another 5,643 square feet of commercial space on the ground floor.

The north tower is set to include half and full-floor apartments and a duplex spanning the first and second stories. The south tower will have several apartments per floor.

“The 125th Street corridor is seeing interest from several large NYC developers, bringing an influx of new residential units by the hundreds, and retail and amenities that will benefit current and new neighborhood residents for years to come,” Jeffrey Simpson, head of Greystone Property Development, said in a statement. “We look forward to being a part of the exciting development of upper Manhattan.”

Greystone went into contract on the property in September and closed in December. In 2013, Bluestone Group purchased debt on the site from its bankrupt owner, Brooklyn-based Parade Place, as The Real Deal reported.

Kutnicki Bernstein Architects is the architect of record.

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