Saving New York City's Real Estate Landmarks
Restoring a landmark building in New York City is not for the faint of heart. From logistics and input from community boards to environmental reviews and oversight from the NYC Landmarks Preservation Committee, developers often prefer to pass on challenging landmark restoration projects. Greystone Development, however, does not shy away from these unique challenges.
Through careful selection of the right team, creative design and construction solutions, Greystone Development is able to unlock the hidden value of these landmarks. Restoration is more than "fixing" a building that may be in disrepair; it requires critical study along with a sympathetic and reasonable approach to the community needs.
Expert restoration not only preserves iconic New York buildings for future generations, but it also helps enhance neighborhoods and communities while giving developers special insight into construction from New York City's past.
The Rough Among the Diamonds: NYC Properties with a Story
New York's landmarks often sit empty and untended in prime locations, and sometimes for decades. With sufficient investment of grit and time, the finished restoration both dazzles and educates the developer, the community, and the restored property's tenants.
Restoration rules in New York City require developers to restore the buildings to the condition they were in on the date they achieved landmark status, rather than back to their original state. From there, the re-imagination process — or the fun part — begins.
164 West 74th Street, The Marbury
The Marbury, a 1901 Beaux-Arts building, represents one of Greystone Development's most uniquely challenging projects to date. The restoration required the complete gutting and modernization of the interior while respecting the old-world architectural elements of the building. Undertaking such a project means going beyond the scope and challenges of a typical renovation with thoughtfulness and expert planning.
The final result unites state-of-the-art construction practices behind a fully-restored historic limestone facade and creating luxury Central Park-accessible condominiums.
To build a modern building behind a historic facade, the team strategized how best to maximize the building's air rights, while staying true to the building's character. Calling upon architect Barry Rice, the new construction resulted in lavishly-sized condominiums splashed with abundant natural light, generous windows, increased square footage, and balconies with an iconic chevron notch to the structure.
The Marbury on 74th street is a one-of-a-kind structure, and its limestone facade and building proportions could not be replicated today. The modern luxury interiors and boutique scale combine with the building's location to create a gorgeous addition to the community.
227 Fourth Avenue, Brooklyn
In the case of 227 Fourth Avenue in Park Slope, once the site of a former communal bathhouse (NYC Public Bath No. 7) with a collapsing roof, the building was won at auction. The Greystone Development team set to work restoring its neo-classical exterior limestone, terra cotta, glazed brick, and cornices. Some of the unique, original detail requiring preservation included striking blue nautical-themed carvings such as Poseidon's trident, a nod to the building's aquatic past.
Once complete, the restored building was then leased to Blink Fitness, an affordable gym franchise, allowing a large segment of the community to enjoy the fruits of the restoration team's labor. Greystone's faithful restoration of this exceptional landmark was recognized by The New York Landmarks Conservancy, who awarded the project its highest honor, the prestigious Lucy G. Moses Preservation Award from the New York Landmarks Conservancy.
Horatio Street Townhouse
Back across the river in lower Manhattan, on Horatio Street in the historic and much-sought-after West Village neighborhood, sat a 10-unit tenement building from the 1870s. Greystone Development's restoration of the building transformed the tenement into a six-floor single-family townhouse.
From the front of the building, neighbors simply see a well-preserved facade that points to the building's age and landmark status. However, once inside, the modern touches shine through, courtesy of the structure's luxurious amenities including an elevator, floor-to-ceiling glass panels, and a new wine cellar.
Serving Communities Through Historic Restoration
Greystone Development's willingness to take on the challenges of restoring New York's landmark buildings is part of what makes it a leader in real estate development and services.
For months, weeks, years even, communities often wonder how a restoration project in their neighborhood will turn out. Thanks to Greystone Development's careful planning, construction expertise, and history of community involvement, when the scaffolding comes down, the neighborhood can celebrate that another historic building has been re-transformed into a polished gem and preserved for future generations.