The Real Deal New York

Silverstone sells Bushwick building to DSA chief for $18M

December 24, 2013 01:39PM

885-park

From left: Steven Vegh, Arik Lifshitz and 885 Park Avenue in Brooklyn

UPDATED, 11:17 a.m., Dec. 26: Arik Lifshitz, CEO of real estate brokerage DSA Realty Services, bought a five-story Bushwick rental building from Silverstone Property Group for $18 million in an off-market deal, according to broker Steven Vegh of Westwood Realty Associates.

The 57,125-square-foot, 37-unit property at 885 Park Avenue near Broadway holds ground-floor duplex apartments and a roof deck.

Silverstone bought it in October of last year for $10 million. The developer had most of the tenants vacate, in order to convert the site to a residential loft building.

“Arik bought a great stabilized property in an up-and-coming area of Bushwick where rents continue to grow,” Vegh said in a statement.

DSA, which is a division of DSA Property Group, also run by Lifshitz, collaborated with a partnership between Massey Knakal Realty Services and RiverOak Investment Corp. on the investment. DSA announced plans in October to open a second office, as previously reported. — Mark Maurer

  • sam

    Based on these types of price ranges in bushwick, we havea land listing of at $258 per buildable foot there, email me if you are from those who think these prices make sense: highonhigh@yahoo.com

  • Rabbi Goddard

    wonder how much of this sale has to do with General Shithawk and his holy wars protests at 885 park ave ? seems bizarre

  • yosef

    Who is this guy Steve Vegh. Seems like he is brokering everything lately.

    • Rabbi Goddard

      Steve Vegh is the leading authority on Zionist real estate transactions in brooklyn. If you do not show him the proper respect he will have you killed so watch out.

    • David

      Illuminati

  • Rabbi Goddard

    How could this transaction possibly be kosher considering all of the jewish blood that was spilled by the hands of Silverstone Property Group as they slaughtered all of the prior tenants of this bustling fully occupied building to turn it into a renovated Zionist occupied building?

  • Rabbi Goddard

    amazing how someone is taking down all my posts on this page. what do they have to hide?

    • LeighKampingCarder

      Hi Rabbi Goddard. We moderate all comments that contain offensive content or constitute personal attacks. For that reason, we’ve removed your comments. Thanks, Leigh.

  • Rabbi Goddard

    thank you for the reply Leigh. As a resident of the building since 2005 I would just like to point out without offense or personally attacking anyone that over the course of the last year or so, Silverstone Property Group has engaged in extremely immoral and illegal actions in order to clear this building of its previous residents in order to make way for this sale to its new owners. This even includes going so far as to spiritually insult its religious tenants. I have documented proof of this. This is not slander or a personal attack. What went down in this building from oct 2012-dec 2013 is nothing to be celebrated about in any article. There is a very shameful history to this building and extremely shaky legal issues surround it as well. I hope the true story gets out one day and I hope at the very least this comment stays up. Thank you

    • Concerned

      I do not find this post and comment surprising as money is the god of so many these days. Morality and decency have bypassed this generation of investors. It is shameful.

  • Tentant885ParkAV

    Well everything from this building is kind of strange, i heard the rent in my aparment was 1400, I pay now 3200, the hole setup is mediocre done the people that did the renovations where not certified also no ventilation system, strange for sure!

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