Silverback Development plans 65-unit Gramercy condo

Firm’s founder Josh Schuster said project will cost $100M

TRD New York /
Mar.March 09, 2017 04:00 PM

Josh Schuster

Silverback Development is planning to build a 13-story condominium building on Second Avenue in Gramercy Park.

The proposed building at the corner of East 21st Street and Second Avenue would reach 145 feet and contain around 65 apartments, Crain’s reported. The project is expected to cost $100 million, with construction is due to begin next year. The total sellout is pegged at $150 million.

Former DHA Capital principal Josh Schuster formed real estate investment firm Silverback last year. For this project, he is partnering with the owner of the site, whose name he declined to disclose.

The site consists of three parcels, one at 359 Second Avenue, another at 351 Second Avenue and a third at 353-357 Second Avenue. The three sites cost a total of $32.7 million, according to Crain’s. The properties were bought through LLCs in 2013 and 2015 before land prices reached their peak.  Schuster and the landowner also purchased about 8,200 square feet of air rights from neighboring properties, for an undisclosed sum.

Most of the apartments at development will be priced under $2.5 million, to keep in step with the waning luxury market. Silverback aims to secure a construction loan, then manage the design and development, as well as the sale of the units, according to Crain’s.

“We’re going to build the property so the layouts can be adjusted,” Schuster told the publication. “We’re not sure the larger units will come back, but we want to be flexible if that’s what is in demand at the time of delivery.”  [Crain’s]Miriam Hall


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

California passes landmark rent control law

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

The construction giants catching a Windy City windfall

arrow_forward_ios