The Real Deal New York

Greystone shooting for $61M sellout at UWS condo conversion

The developer plans to bring 14 apartments to the former Phoenix House
By Will Parker | September 28, 2017 11:30AM

Jeffrey Simpson and proposal for 164 West 74th Street

Greystone Development is transforming a former drug rehab center into 14 luxury condominiums at 164 West 74th Street, and hoping to sell them out for a total of $61 million, according to an offering plan filed with the New York state Attorney General’s office last week.

The 33,000-square-foot building’s new apartments will average about $4.3 million a piece.

Greystone and partner Prime Rok Real Estate bought the seven-story Beaux Arts property in February of 2016, paying $27 million. They quickly announced their plans for condos, including the intention to market the penthouse for $6.5 million.

A representative for Greystone declined to comment.

The property at 164 West 74th Street, dubbed the Marbury by Greystone, is landmarked. Initial conversion plans were approved by the Landmarks Preservation Commission last September.

This is the second boutique condo plan Greystone has filed this year. In May, it submitted plans for an eight-unit, $31 million new construction project at 108 Chambers Street in Tribeca.