The Real Deal New York

Silverstone to break ground on 170-unit Williamsburg rental

Development site trades for $21.7M

October 22, 2012 01:00PM
By Katherine Clarke

Silverstone’s Martin Nussbaum and the Williamsburg development site

Manhattan-based real estate company Silverstone Property Group is planning to break ground on a 170-unit rental project in Williamsburg following its $21.66 million purchase of a 170,000-square-foot vacant site in the neighborhood, sources told The Real Deal.

Silverstone, which recently completed development of a 28-unit rental at 65-69 North 6th Street, will begin construction on its new venture within the next 60 to 90 days, sources said. The site is composed of several parcels at 246-248 North 8th Street and at 251-255 North 8th Street. The building will be accessible via two entrances, one on North 7th Street and one on North 8th Street, sources said.

Silverstone’s Martin Nussbaum declined to comment on the transaction or confirm the company’s plans for the site, which is located between Havemeyer and Roebling streets.

The deal for the lots closed Sept. 28, according to public records filed with the city today. The seller of the parcels was Rieder Holdings, which had owned the property since last year, when it purchased it from Van Benson Management in an all-cash deal for $12.3 million. Van Benson previously took out a $31 million loan to develop the site but later defaulted. Reider reportedly planned to develop the site itself; a company spokesperson for Rieder was not immediately available for comment.

The new rental, which sources said will be completed within 18 months, will have a doorman and amenities such as a roof deck and gym. It will be composed of mostly one- and two-bedroom units.

The company will likely tap David Maundrell’s brokerage Aptsandlofts.com to market the rental units, one source said. Maundrell is currently marketing Silverstone’s North 6th Street project. The broker declined to comment on the deal.

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