The Real Deal New York

Silverstone sells Bushwick building to DSA chief for $18M

December 24, 2013 01:39PM

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