Greenbrook Partners, a vertically integrated real estate investment manager headquartered in New York City, announced the completion of a residential project at 377 13th Street in Park Slope, Brooklyn, and with it, the removal of 179 building violations.
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.”
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.
