Greenbrook transforms another vacant, neglected building into safe, modern rental homes, addressing the housing shortage in New York City

BROOKLYN, N.Y., April 14, 2025 /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 125 Saint James Place in the heart of Clinton Hill, Brooklyn. The project marks the company’s latest contribution to the supply of high-quality rental housing in New York City. Greenbrook has invested over $400 million in the area to date, turning over 100 vacant or neglected properties into modern, sustainable homes.

Greenbrook acquired the property from an absentee owner that left the building vacant and in severe disrepair for nearly two decades.  Given the state of the building at acquisition, Greenbrook inherited a significant number of dangerous violations and existing conditions from prior ownership.  The property has undergone a comprehensive renovation completed over 12 months without any government subsidies.  This redevelopment transformed an uninhabitable building into eight contemporary studio and one-bedroom apartments, incrementally increasing the supply of much needed rental housing in New York.  

In addition to creating modern and sustainable homes for the neighborhood, Greenbrook also focused on reducing the property’s carbon footprint by switching from gas to electric heating systems, installing LED lighting, implementing low-flow water fixtures, creating green spaces, and more.

“We are thrilled to bring 125 Saint James Place back to life, marking the completion of a project that adds valuable housing stock to Brooklyn and demonstrates our commitment to the sustainability, vibrancy and economic health of the community,” said Fred LeCao, Principal of Greenbrook Partners. 

“We strive to be part of the solution to the housing shortage in New York City by reactivating obsolete buildings, and adding high-quality and professionally managed rental apartment homes to supply constrained areas,” said Greg Fournier, Managing Principal of Greenbrook Partners.

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 while revitalizing vintage buildings that comprise much of the City’s housing stock.  Greenbrook does 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