Greencastle Place is named after an Anglo-Norman fortification which formerly stood nearby, close to the lower end of Grays Lane. The castle also gave name to the surrounding district situated north of Belfast. There are no longer any ruins of this castle visible. It was marked as Cloughamalestie on Robert Lythe's map of Carrickfergus Bay (Belfast Lough), made in 1567. This appears to be a corruption of Ir. Cloch Mhic Coisteala, ‘Costello’s stone castle' (NIPNP).
Greencastle Place is listed in Henderson’s New Belfast And Northern Repository For 1843-1844.