Development Firm InvestMates Buys Greenpoint Retail Building for $26M

Development firm Investmates has purchased a single-story retail building in Greenpoint, Brooklyn, Commercial Observer has learned.

The company acquired 150 Green Street for approximately $26 million from foreign investors a week after revealing that it landed a $21 million loan from Northwind Group for the acquisition. InvestMates plans to build a 73-unit condominium building with ground-floor retail at the location, according to a source with knowledge of the deal.

The seller was Green Art Holdings, an LLC tied to an individual named Pascal David, which lists an address in the U.K.’s Channel Islands. The entity bought the building in 2017 for $18 million.

The building was previously occupied by North American agricultural kitchen Ilis, which closed its doors in May.

InvestMates, founded by Idan Shitrit and Jacov “Koby” Telyas, did not immediately respond to a request for comment.

A CBRE team led by Daniel Kaplan negotiated on behalf of the seller and declined to comment on the transaction.

InvestMates has been making arrangements for the redevelopment, despite only recently closing the acquisition deal. The firm filed plans last month with the New York City Department of Buildings to demolish the building between Franklin Street and Manhattan Avenue, according to Crain’s New York Business.

Shitrit and Teylas also acquired Greenpoint’s 19 Clay Street for $15.1 million in 2022 and has been planning a 68-unit, 14-story residential building at the vacant site, Crain’s reported last year.

The majority of InvestMates’ developments since getting its start in 2014 have been small in scale and mainly in Northern Brooklyn.

Mark Hallum can be reached at mhallum@commercialobserver.com.