Greystone, Prime Rok to convert UWS rehab center to condos

Developers pay $27M for Phoenix House's longtime HQ; penthouse to ask $6.5M

TRD New York /
Feb.February 22, 2016 02:00 PM

Greystone Development, in partnership with Afshin Hedvat’s Prime Rok Real Estate, is planning to convert the longtime Upper West Side headquarters of drug-and-alcohol rehab nonprofit the Phoenix House into a boutique residential condominium.

The developers jointly acquired the seven-story property at 164-166 West 74th Street for $26.8 million, or north of $800 per square foot, late last week.

The Phoenix House, one of the largest drug treatment nonprofits in the U.S., has owned and fully occupied the 33,000-square-foot building since 1972, records show. Over the next few months, the nonprofit will relocate operations to its other existing New York City centers, including one at 2191 Third Avenue in East Harlem.

Once the building is vacant, the developers are considering repositioning it as 14 luxury condo units, with the duplex penthouse set to ask $6.5 million. The apartments could range in size from 1,000 to 2,850 square feet, Hedvat said. Prices could start at about $2.3 million.

Greystone and Prime Rok hired architect Barry Rice to design the interior, but not have yet selected a brokerage to handle sales. The conversion is expected to be complete by 2018.

There are, however, limitations to the building’s overhaul. It is part of the Upper West Side/Central Park West historic district and therefore the façade will remain unchanged, said Hedvat. The building, located between Amsterdam and Columbus avenues, is also overbuilt and lacking in air rights.

The developers confirmed the purchase, but declined to comment on the price. Newmark Grubb Knight Frank’s Justin DiMare, who represented the seller, declined to comment. Capital Property Partners’ Daniel and Joseph Rahmani, who represented the buyer, could not be immediately reached.

Greystone, both a developer and lender, has done several conversions in the city. At the moment, the firm is converting the landmarked Brooklyn Lyceum in Park Slope into a fitness center, with rentals planned for next door.

“We have experience working with landmarked buildings and we are excited to have the opportunity to transform this unique and notable property into a collection of carefully designed residences that will fit contextually into this architecturally significant Upper West Side neighborhood,” said Greystone Development CEO Jeffrey Simpson in a statement.

Prime Rok specializes in smaller-scale ground-up new development. The Midtown-based firm is developing a 15-unit rental building at 1733 Lexington Avenue as well as a 24-unit rental at 1044 Bedford Avenue in Bedford-Stuyvesant.

The Phoenix House operates more than 120 programs in 10 states, according to its website.


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