Greenbrook Partners Completes Renovation Project, Restoring Mixed-Use Building Damaged by 3-Alarm Fire

The project marks the latest in a $400 million+ investment by the firm to transform vacant Brooklyn buildings into modern apartments, helping to address New York City's housing shortage 

BROOKLYN, N.Y., June 24, 2025 /PRNewswire/ -- Greenbrook Partners, a privately-held, vertically integrated real estate operating and investment company headquartered in New York City, today announced the completion of a transformative mixed-use project at 499 Grand Street in Williamsburg, Brooklyn. The project marks the firm's latest contribution to the residential and retail landscape, having now invested over $400 million in the region to date, revitalizing over 100 vacant or neglected properties.

499 Grand Street was severely damaged during a 3-alarm fire in August 2022. The property received multiple vacate orders from New York City agencies. When Greenbrook acquired the property in April 2024, it was uninhabitable. Greenbrook completed a comprehensive renovation without government subsidies, delivering three thoughtfully designed residences and reviving two retail spaces.

In addition to creating functional new homes and reinvigorating neighborhood retail, Greenbrook focused on reducing the property's carbon footprint by switching from gas to electric heating systems, installing LED lighting and implementing low-flow water fixtures.

"We are thrilled to reactivate 499 Grand Street, marking the completion of a project that adds valuable housing to Brooklyn and restores neighborhood retail which contributes to the character and economic health of the community," 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 uninhabitable buildings, and adding sustainable and professionally managed apartments to supply constrained areas," said Fred LeCao, Principal of Greenbrook Partners.

For more information, visit www.greenbrookre.com.

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 over 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.

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SOURCE Greenbrook Partners