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

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident