Greenbrook transforms another neglected
property into safe, modern homes, increasing the housing supply
in New York City and
simultaneously removing dangerous building violations
NEW
YORK, June 25, 2024 /PRNewswire/ -- Greenbrook
Partners, a vertically integrated real estate investment manager
headquartered in New York City,
today announced the completion of a residential project at 377
13th Street in Park Slope, Brooklyn, and with it, the removal of 179
building violations. The project marks Greenbrook's latest
success in revitalizing New York
City's housing stock, investing heavily in buildings while
correcting hundreds of violations in the process.
Greenbrook acquired the property from an absentee owner that
left it in severe disrepair due to decades of neglect. Given the
state of the building, Greenbrook inherited a significant
number of violations and dangerous existing conditions associated
with prior ownership, including mold, pest infestations, water
damage, plumbing leaks, rotted interiors, collapsed ceilings,
faulty electrical wiring and a deteriorating building
infrastructure.
"We routinely acquire properties like 377 13th Street
from undercapitalized owners. These buildings often have extensive
violations or pre-existing conditions that merit violations. Our
knowledge of local building codes and regulations enables us to
assess and remedy even the most complicated violations by
implementing comprehensive corrective action plans in conjunction
with our major building renovation plans," said Fred
LeCao, Principal of Greenbrook Partners.
"We made a substantial investment in the renovation of 377
13th Street and the resolution of all building
violations," said Gregory
Fournier, Managing Principal of Greenbrook Partners. "We
strive to be part of the solution to the housing shortage in
New York City by reactivating
obsolete buildings, adding high-quality, professionally managed
apartments, and upholding the highest standards of integrity in
construction quality, building safety and code compliance."
About Greenbrook Partners
Greenbrook is a vertically
integrated real estate investment manager. Since inception, the
Company has invested over $2 billion
in the multifamily sector. With approximately 400 buildings,
including market rate and affordable apartments, Greenbrook is
one of New York City's premier
multifamily investment firms. Greenbrook generates attractive
investment returns on behalf of institutional investors while
revitalizing vintage buildings that comprise much of the City's
housing stock. We do this by maintaining a disciplined investment
approach, employing extraordinary people, and leveraging
purpose-built technology and a proprietary data infrastructure.
Further information is available at www.greenbrookre.com.
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SOURCE Greenbrook Partners