The Real Deal New York

Silverstone Property buys stalled Williamsburg site for $4.3M

April 13, 2011 03:45PM

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65-69 North 6th Street rendering

Midtown-based real estate company Silverstone Property Group paid $4.3 million for a stalled mixed-use development site at 65-69 North 6th Street near Wythe Avenue in Williamsburg, the firm said in a statement.

Silverstone plans to finish construction of the six-story, approximately 30,000-square-foot building, which will have 28 residential units above 4,100 square feet of retail space, Martin Nussbaum, the company president said.

It is the first purchase in Brooklyn for the company, which owns about $35 million worth of assets in the New York area, Nussbaum said.

The seller was WB Acquisition, a company owned by Alan Henick, CEO of a Brooklyn rug company, city property records show. Henick did not return a call for comment.

The sale of the 75-foot wide site has not yet appeared on city property records.

Department of Buildings has approved plans for a 22-unit building, but Nussbaum said they were redesigning it, and may even alter the facade from its current loft-like style.

“We may change the way it looks, but that is the current [design]. The market may change and we may go with a modern look,” he said. TRD

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