Silverback Development plans 65-unit Gramercy condo

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

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

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
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
Joel Landau, chairman and founder of Allure Group. (Google Maps, Score NYC)
These were the top outer-borough loans last month
These were the top outer-borough loans last month
David Schonbraun (SL Green)
SL Green investment chief David Schonbraun steps down
SL Green investment chief David Schonbraun steps down
Queens Borough President Donovan Richards in front of Willets Point. (Office of Queens Borough President, WikiMedia / Jim.henderson)
Willets Point redevelopment finally moves ahead
Willets Point redevelopment finally moves ahead
Francis Greenburger of Time Equities (Greenburger via Michael McWeeney; iStock)
Rental-to-condo conversions drop 80% after 2019 rent law: report
Rental-to-condo conversions drop 80% after 2019 rent law: report
Klövern executive Peeter Kinnunen, GDSNY CEO Michael Kirchmann and 407 Park Avenue (Klövern, GDSNY, Google Maps)
GDSNY, Klövern add 407 Park Avenue to project footprint for $31M
GDSNY, Klövern add 407 Park Avenue to project footprint for $31M
Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
arrow_forward_ios

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

Loading...