Greenbrook Acquires & Renovates Uninhabitable Building, Corrects 179 Dangerous Violations

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 13^th 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 13^th 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 13^th 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.

SOURCE Greenbrook Partners