New York-based Greystone announced Thursday that it has acquired two development properties in Brooklyn, New York, with a project value of more than $50 million. 

The Greystone Property Development team, overseen by Douglas Benach, closed the transactions. 

The first property is a five-story, 30,000 square foot loft conversion, which Greystone plans to convert into a 36-unit high-end multifamily property featuring 12-foot ceilings, large windows, central HVAC and a community style rooftop space.

The second property is a vacant development site, which will be transformed into a 27-unit ground-up, multifamily rental project with amenities. 

Both acquisitions were acquired within the last 60 days. 

"We believe in the incredible growth occurring throughout Brooklyn as it becomes one of the premier housing destinations in the region," said Jeffrey Simpson, director in Greystone’s property development business.

"The buildings will be developed to provide great New York City quality living, while maintaining and celebrating Brooklyn’s unique and vibrant past," he added.