Silverstone sells Bushwick building to DSA chief for $18M

TRD New York /
Dec.December 24, 2013 01:39 PM

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


Related Articles

arrow_forward_ios
Toby Moskovits, Fortress managing director Spencer Garfield and the 215 Moore Street Site (Moskovits by Sasha Maslov)

Toby Moskovits’ Bushwick Generator thrown into receivership

Toby Moskovits’ Bushwick Generator thrown into receivership
1300 Flushing Avenue (Google Maps)

Bushwick office building trades for $44M, sign of life for i-sales market

Bushwick office building trades for $44M, sign of life for i-sales market
From left: 417 Suydam Street and 818 Woodward Avenue (Credit: Google Maps)

Sellers used pandemic, Passover to default buyer: lawsuit

Sellers used pandemic, Passover to default buyer: lawsuit
Taxes would rise for owners of Manhattan mansions and penthouses, but the biggest shock would be on homeowners in Brooklyn neighborhoods (Credit: Pixabay)

City’s property tax overhaul would increase burden for single-family homeowners

City’s property tax overhaul would increase burden for single-family homeowners
Caught up in a dozen recent lawsuits, Brooklyn developer Toby Moskovits blames her firm’s debt troubles on “collusion” and a “personal vendetta” (Illustration by The Real Deal; Moskovits by Sasha Maslov)

Creditors are banging on Toby Moskovits’ door

Creditors are banging on Toby Moskovits’ door
From left:  Council member Rafael Espinal, Mayor Bill de Blasio and Council member Antonio Reynoso (Credit: Getty Images, iStock)

Bushwick rezoning impasse puts de Blasio’s housing plan at risk

Bushwick rezoning impasse puts de Blasio’s housing plan at risk
Council Member Antonio Reynoso and a map of Bushwick Planning Framework (Click for more info)

Bushwick rezoning faces deadlock amid local opposition

Bushwick rezoning faces deadlock amid local opposition
871 Bushwick Avenue in Brooklyn (Credit: Google Maps)

Joseph Brunner lands $130M refi for massive Bushwick rental building

Joseph Brunner lands $130M refi for massive Bushwick rental building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...