Greenbrook Partners Complete $3 Million Renovation Project, Converting Former Vacant Convent into Sustainable Apartments in Brooklyn

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Apr 09, 2024, 09:30 ET

The project marks the latest of a $250 million investment in Park Slope to transform vacant or neglected properties into modern homes, addressing the housing shortage in New York City

BROOKLYN, N.Y., April 9, 2024 /PRNewswire/ -- Greenbrook Partners, a privately-held, vertically integrated real estate operating and investment company headquartered in New York City, announces the completion of a transformative residential project at 784-786 President Street in the heart of Park Slope, Brooklyn. The project marks the company's latest contribution to the Park Slope residential landscape, investing a total of $250 million in the neighborhood to date, turning 45 vacant or neglected properties in Park Slope into modern, sustainable homes.

The property at 784-786 President Street, a dormant, deteriorating, vacant, former convent acquired from the Sisters of St. Joseph, has undergone a comprehensive $3 million gut renovation completed over the past 20 months without any government subsidies. This redevelopment included converting 30 dormitory rooms into 12 modern, family-sized apartments consisting of four two-bedroom duplexes and eight three-bedroom units with outdoor green spaces.

Greenbrook Partners also focused on reducing the property's carbon footprint and adding to the neighborhood's portfolio with modern, sustainable homes, by switching from gas to electric heating systems, the installation of LED lighting, the implementation of low-flow water fixtures, and more. In addition, the building was transitioned from a non-taxable religious property to a taxable entity generating $83,000 of new annual property tax revenue for New York City.

"We are thrilled to bring 784-786 President Street back to life, marking the completion of a project that adds valuable housing stock to Brooklyn and demonstrates our commitment to sustainability and the vibrancy and economic health of the community," said Gregory Fournier, Managing Principal of Greenbrook Partners.

This milestone comes as Greenbrook Partners expands with a portfolio growth—from 100 to 400 properties— in just 24 months. In the same period, Greenbrook grew from a team of a dozen to a robust workforce of approximately 120 employees – with 80% of the team being female or person of color. Furthermore, since 2018, the company has invested $61 million in contracts with 67 MWBE or immigrant-owned firms. The company is poised for approximately 25% growth in 2024, continuing its significant contributions to New York City's residential landscape.

For more information, visit www.greenbrookre.com.

About Greenbrook Partners
Greenbrook Partners is a privately held, vertically integrated real estate operating company with expertise in investment management, property management, development, design, construction, leasing and financing. Greenbrook Partners has invested over $1 billion of equity in residential real estate throughout New York City, revitalizing neighborhoods and enhancing community living.

SOURCE Greenbrook Partners