InvestMates, a development company, has acquired a single-storey retail building in Greenpoint, Brooklyn. The company purchased the property at 150 Green Street for approximately US$26 million from foreign investors. This acquisition took place just one week after it was reported that InvestMates had secured a US$21 million loan from Northwind Group for this acquisition.
According to a source familiar with the matter, InvestMates plans to construct a residential building with 73 condominium units and ground-floor retail space at this location. This underscores the company's strategy to further develop the housing market in this desirable area.
The seller of the property was Green Art Holdings, an LLC linked to an individual named Pascal David, listing an address in the British Channel Islands. This entity had acquired the building in 2017 for US$18 million. Previously, the building had been used by the North American agrarian kitchen Ilis, which was forced to close its doors in May.
Although the acquisition was only recently finalised, InvestMates has already made preparations for redevelopment. The company, founded by Idan Shitrit and Jacov “Koby” Telyas, had already filed plans with the New York City Department of Buildings the previous month to demolish the existing building between Franklin Street and Manhattan Avenue. This has been confirmed by reports from Crain's New York Business.
Idan Shitrit and Jacov Telyas are no strangers to Greenpoint. In 2022, they acquired the property at 19 Clay Street in Greenpoint for US$15.1 million. For this undeveloped plot, they plan a 14-storey residential building with 68 units, as Crain's reported last year.
- —The majority of InvestMates' developments since 2014 are small and primarily located in northern Brooklyn.
- —The purchase price for 150 Green Street was approximately US$26 million.
- —Planned condominium units: 73 units.
- —Financing of the acquisition partly through a US$21 million loan from Northwind Group.
A team from CBRE led by Daniel Kaplan negotiated on behalf of the seller and declined to comment on the transaction. InvestMates itself did not immediately respond to a request for comment. InvestMates' previous projects, since its founding in 2014, have mostly been smaller in scale and primarily focused on the northern part of Brooklyn.
