NEW YORK, Nov. 7, 2014 (GLOBE NEWSWIRE) -- Greystone, a New York-based real estate development and financial group, is pleased to announce the sale of Printhouse Lofts, a 36-unit luxury apartment building in Williamsburg to Clarion Partners, a leading real estate investment manager. The sale was arranged by Jeff Julien, managing director, Rob Hinckley, director and Andrew Scandalios, senior managing director at HFF, one of the largest commercial real estate capital intermediaries in the country.
Located at 139 North 10th Street between Berry Street and Bedford Avenue, the 1900's industrial-style warehouse was transformed by Greystone into a luxury rental apartment building offering high-end, industrial fixtures with modern amenities. Printhouse Lofts is currently 100 percent leased.
"We couldn't be more thrilled with the outcome for the conversion, development and positioning of Printhouse Lofts," said Jeff Simpson, head of Greystone's property development group. "Knowing they are familiar and active in the NYC market, we are pleased that Clarion Partners recognized the opportunity to acquire such a strong core asset in a desirable submarket."
"We believe that Printhouse Lofts is a top institutional-quality asset in one of New York City's fastest growing and popular neighborhoods," noted Gary Rufrano, a director at Clarion Partners. "We are very pleased to expand our apartment portfolio in Williamsburg and believe this property will nicely complement 44 Berry Street, another Williamsburg loft apartment building that we own nearby."
The apartment mix within the pet-friendly elevator building consists of 28 one-bedrooms, six two-bedrooms and two three-bedrooms. Two of the ground floor apartments boast 50-foot-long glass solariums. The units feature stainless steel appliances, farmhouse sinks and natural stone countertops and have soaring 11 to 13-foot ceiling heights. Printhouse Lofts amenities include a virtual doorman, video intercom system, laundry machines on all floors, bike storage and 2,500 square feet of shared roof deck space, offering 360-degree panoramic views of both the Brooklyn and Manhattan skylines.
"Greystone built a high-quality product in a desirable location that yielded very strong buyer interest," added Julien.
About Greystone
Greystone is a financial services and private investment group whose original core business is real estate lending. Over the years, Greystone has added business lines that are related to, and are natural extensions of, its core business. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Real Estate and Healthcare. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion.
For more information about Greystone's property development group, visit www.greystonepd.com.
About Clarion Partners, LLC
Clarion Partners has been a leasing U.S. real estate investment manager for 32 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in Sao Paulo, Brazil and London, England, as well as presence in Mexico. With more than $32 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. Visit www.clarionpartners.com
About HFF
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE:HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com.