Greenpoint Avenue Apartment Buildings Face Partial Retail Conversions, Penthouse Additions

UPDATE: The owners, YD Development, responded to Greenpointers stating that a retail conversion is not planned and all current tenants can remain. From YD Development: “The property has no plans to be repositioned for retail (maybe in the past there had been such a plan we don’t know).”

An assemblage of four residential buildings on Greenpoint Avenue with 52 apartments total face ground floor retail conversions and the addition of penthouse units.

A current tenant at one of the 105-115 Greenpoint Ave. buildings contacted Greenpointers with new Cushman & Wakefield marketing materials showing the plans to convert the ground-floor units into commercial use: “In addition to performing high-end renovations to the apartments, current ownership has secured approved plans to add a fifth floor to each building,” the ad states. “The plans are slated to create five four-bedroom, two-bathroom penthouse units and one two-bedroom, two-bathroom penthouse unit by duplexing the fifth floor down to the existing fourth floor units.”

The four buildings 105, 107, 111, and 115 Greenpoint Ave. total 38,560 square feet and out of the 52 residential units two are stabilized.

Red Brick Properties purchased 105-115 Greenpoint Ave. for $23.75 million in 2014 and renovating the 50 market-rate units.

This January, YD Development paid $29 million for the four buildings in a deal described by the broker as “the highest price per unit paid for a walk-up apartment building in Greenpoint (approximately $557,000 per unit).”

Speculation grew this year over the potential conversion of the Greenpoint Avenue buildings into a co-living space, as YD Developments has partnered with co-living start-up Common on other New York City developments, including 424 W. 47th St. in Manhattan.