Lower East Side rental building trades for $18M

Silverstone Property Group unloads building it purchased two years ago
By Hayley Kaplan | December 28, 2012 05:30PM

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.

This is the second time the building has traded hands in the past two years. Silverstone acquired the building from 157 Street Realty for $8.8 million on Jan. 18, 2011, according to Streeteasy.

The 22,398-square-foot building was recently restored, Streeteasy shows. The six-story, 33-unit building was converted to luxury rentals after Silverstone purchased it, Curbed previously reported. Rentals since May 2011 have ranged from $2,195 to $6,995.

Silverstone recently made news with its plans to build a 170-unit rental building in Williamsburg, as TRD previously reported.

It was not immediately clear who brokered the Suffolk Street sale. Representatives of Silverstone and Niantic did not immediately respond to requests for comment.