504-518 Myrtle Avenue — a portion of Silverstone’s acquisition (credit: PropertyShark)
Myrtle Avenue in Clinton Hill is going to have a radically different look, with a new residential project by Silverstone Property Group going up where a string of small shops now do business, DNAinfo reported. [more]
Dumbo warehouse (source: Brooklyn Paper and Stefano Giovannini)
Dumbo could soon see a massive new retail center along Jay Street, after last month’s $25 million sale of a block-wide warehouse to Silverstone Property Group, the Brooklyn Paper reported.
The nearly football field-sized building, located between Water and Plymouth streets in Dumbo’s historic district, is perfect for a major commercial development, like a supermarket or something even bigger, according to Justina Lombardo, a spokesperson for Massey Knakal Realty Services, which handled the sale of the building. [more]
157 Suffolk Street
A Lower East Side rental building at 157 Suffolk Street has been traded to the real estate investment company Niantic Partners for $18 million, city records filed today show. The building was sold by an LLC called 157 Suffolk Street Investors, an affiliate of Silverstone Property Group. According to its website, Silverstone provides property management, construction supervision and asset management throughout New York. Niantic, which owns several office buildings around Manhattan, purchased the property under an LLC identified in documents as 157 Suffolk Street JV…. [more]
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. [more]
Silverstone’s Martin Nussbaum and a walk-up he recently purchased at 162 East 82nd Street (building credit: PropertyShark)
Rising rents are fueling demand for previously overlooked Manhattan walk-up apartment buildings, according to the New York Times. Seventy-one such properties sold in the second quarter of this year, a 115 percent increase from the same period in 2009, Eastern Consolidated research shows. And as prices rise, sales volume has increased even more dramatically: $640 million worth of properties traded hands in the first half of this year, up 205 percent from the same period three years ago. [more]
Citi Habitats' Clifford Finn and 247 East 28th Street
The white-hot rental market and the shifting demographic of renters has compelled more New York City landlords to invest in extensive renovations of their rental properties, according to the Wall Street Journal. Landlords of apartment buildings that are 10 to 30 years old are spending millions to gut renovate well-located buildings and raise rents 10 to 40 percent. [more]
From left: Martin Nussbaum, managing partner of Silverstone Property Group, and 247 East 28th Street
Silverstone Property Group, along with equity partner RWN Real Estate Partners, plan a $12 million repositioning of the Murray Hill apartment building they acquired last week for $53 million.
As reported in the Post today, Silverstone bought the 17-story, 128-unit building at 247 East 28th Street, on the corner of Second Avenue, for $53 million from Samson Management. Steven Vegh, managing partner at Multi Investment Group, was the sole broker in the off-market transaction. The Real Deal learned that Silverstone formed an equity partnership with RWN Real Estate Partners to complete the purchase. [more]
Steve Figari and 17-19 Bleecker Street
Silverstone Property Group has purchased a six-story apartment building in Noho for $5.5 million, or $322 per square foot, the company announced today. The 17,080-square-foot building, at 17-19 Bleecker Street between Elizabeth and Mott streets, has 12 apartments and two retail spaces, currently occupied by an antique shop called Crocodile and a salon called Q Hair. All 12 units are currently leased, according to Silverstone. The seller, according to public records, is an LLC called 17-19 Bleecker Street, which bought the building in 1996. “Silverstone will be renovating 17-19 Bleecker into a luxury rental building bringing renovated, loft residences to the market in the next six months,” said Steve Figari, managing director at Silverstone. – Adam Fusfeld… [more]
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. TRD… [more]
Massey Knakal Realty Services has tapped Anglo Irish Bank executive Garrett Thelander, who helped open the New York office of the troubled lender and grow its staff to 35, to lead its new mortgage division, it was expected to be announced today.
Thelander, 55, is once again charged with starting a new office, this time as a managing director for Massey Knakal, to hire brokers and develop the new arm, Paul Massey, company CEO, told The Real Deal.
The hiring of the bank executive comes two weeks after Massey Knakal launched a retail brokerage division, bringing in long-time retail agent Benjamin Fox for that job. At the same time, the firm has had significant defections, including a top producer for the firm, Shimon Shkury, who left with his team to open the new firm Ariel Property Advisors. … [more]
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