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Greenpoint Rental Horror May Find Hope in New Hands

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It's been a long, long time since we've heard any news from the Greenpoint property Magic Johnson invested in back in 2008. Turns out the failed condo-turned-rental, The Viridian, at 110 Green Street has changed ownership. The building was acquired by Meadow Partners just before the end of 2013 from 110 Green Street Apartments, LLC for $72 million, and PR reps confirm that the building is now gearing up for a reboot. Prior to Meadow Partners' acquisition, disdain for the six-story, 130-apartment building's management and construction was so rampant that building occupants took it upon themselves to start several complaint blogs. They detail nothing short of disaster.

"Poop has been sitting in the hallway all morning," one post is captioned below a graphic picture, a handy yellow Wet Floor sign propped to the menace's left. The most recent post on one blog highlights the building's acquisition. It seems that tenants are so scarred, they're not quick to celebrate. "Should we be rejoicing? Or is this a case of better the devil you know? Time will tell," reads the post on Viridian Gripes.

When reached for comment about Meadow Partners' intentions for the 95 percent occupied building, Managing Partner Jeffrey Kaplan said, "The idea is certainly for some spruce-ups." This likely includes dropping the Viridian moniker, and rebranding the building. Particular details of their reboot are still undecided, including renovation plans, the designer, and how certain amenities will be upgraded. However, Kaplan knows the crux of a better building lies in more efficient management. "We hope to manage the property better, I would say more institutionally." Kaplan noted that particularly, under the old management, the building's Olympic-sized swimming pool was never opened, whereas Meadow Partners has already hired a third-party manager for that facility.

Listings agent MNS currently shows eight units on the market, ranging from a 685-square-foot one-bedroom, one-bathroom listed for $2,925 per month and a 1,267-square-foot three-bedroom, two-and-a-half bathroom listed for $5,500 per month. With pessimistic tenants and optimistic new owners, we're interested to see where 110 Green Street goes. Leasing starts in the spring.
· Meadow Partners pays $72 million for Greenpoint rental [TRD]
· Listing: 110 Green Street [StreetEasy via MNS]
· All 110 Green Street Coverage [Curbed]