High-rise commercial buildings

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Outer  + Retail  | 

Park Slope Landmark Trades for $10M

Greystone Development has sold the landmarked 227 4th Ave. in Park Slope for $10 million to an unnamed buyer. Ofer Cohen of TerraCRG brokered the deal on behalf of Greystone, while Brian Flanagan of Sterling Project Development managed the acquisition for the buyer.

The development arm of Greystone acquired 227 4th, which was first built in 1910 as Public Bath No. 7, in 2014, and completed a significant renovation to the property. It has been leased long-term to Blink Fitness since 2017.

“The sale of 227 4th exemplifies the continued strength of the commercial market in Brooklyn,” said Cohen. “The Park Slope area remains one of the most sought-after investment destinations in New York City.”

Greystone Development is currently building a ground-up neighboring property at 225 4th Ave. The 13-story residential property features 63 units, and is slated to begin leasing in summer 2018.

For comments, questions or concerns, please contact Paul Bubny

Read More News Stories About: Greystone
Connect

Inside The Story

Read more at GreystoneConnect With Terra RCG's Cohen

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
New call-to-action
New call-to-action