Greystone’s Award-Winning Restoration Project Fetches $10 Million
Greystone Development, a New York-based real estate development company, announced it has sold 227 Fourth Avenue for $10 million to an unnamed buyer. Ofer Cohen of TerraCRG brokered the deal on behalf of Greystone. Brian Flanagan of Sterling Project Development managed the acquisition for the buyer.
Acquired in 2014, Greystone completed a significant renovation to the landmarked property, which was first built in 1910 as Public Bath No. 7. Located between President and Union Streets, the property’s entire 16,700 square footage has been leased long-term to Blink Fitness since 2017.
Greystone Development worked in collaboration with Daniel Goldner Architects, Walter B. Melvin Architects, and preservation consultant Higgins Quasebarth & Partners to restore the neo-classical architecture of the former bathhouse. The preservation process consisted of the retention and preservation of almost 80 percent of the original glazed brick, limestone, and terra cotta façade. Additionally, the intricate and colorful ornamental details, such as the nautical-themed carvings and elaborate cornice, were restored and revitalized. Greystone’s restoration work was recognized by the New York Landmarks Conservancy with the Lucy G. Moses Preservation Award and by the Park Slope Civic Council with an Evelyn and Everett Ortner Preservation Award for excellence in Exterior Restoration.
“Ushering this historic landmark through a meticulous restoration has been nothing short of gratifying, and we are thrilled to see the property come full circle back to its original use as a public gymnasium,” said Thomas Ryan, head of Greystone Development.
“The sale of 227 Fourth Avenue exemplifies the continued strength of the commercial market in Brooklyn,” said Ofer Cohen, founder and CEO of TerraCRG, which represented Greystone in the sale. “The Park Slope area remains one of the most sought-after investment destinations in NYC.”
Greystone Development is currently building a ground-up neighboring property, 223 Fourth Avenue. The 13-story residential property features 63 units, a wide range of modern amenities, and is slated to begin leasing in Summer 2018.