The Real Deal New York

Silvershore now trying to sell 57 buildings

Landlord adds 13 properties to BK-centric multifamily portfolio on the market
By Mark Maurer | May 16, 2017 01:15PM

The “Brooklyn legacy” portfolio and Jason Silverstein (Credit: Michael McWeeney)

An even larger chunk of Silvershore Properties’ New York City real estate holdings is up for grabs.

The NoMad-based landlord had been looking to sell 44 of its nearly 100 rental buildings across the city in March. The firm has now added more properties to the portfolio, bringing the total to 57 buildings spanning 430,615 square feet, according to Cushman & Wakefield, which officially launched the marketing effort this week.

The portfolio, which contains more than 400 rental apartments and more than two-dozen retail units, is entirely in Brooklyn except for one building in Long Island City. The low-rise, rent-stabilized apartment buildings are largely concentrated in Bushwick and Bedford-Stuyvesant, but also scattered throughout Crown Heights, Sunset Park, Park Slope and Prospect Heights.

At 57 buildings, the “Brooklyn legacy” multifamily portfolio is one of the largest on the market in recent years. There is no official asking price, but sources said the seller believes it could fetch between $230 million and $250 million.

A Cushman team led by Bob Knakal, Stephen Palmese and Jonathan Hageman is marketing the properties.

“The Brooklyn market today is very reminiscent of Manhattan in the 1990s,” Knakal said in a statement. “Some areas are significantly thriving while others are only beginning to gain traction. In the years to come, all neighborhoods in Brooklyn will be thriving just as they all are in Manhattan today.”

The addresses include 5416-5422 Fourth Avenue in Sunset Park, 429 Lincoln Place in Prospect Heights, 219 13th Street in Park Slope and 283 Albany Avenue in Crown Heights.

Silvershore founded by David Shorenstein and Jason Silverstein in 2008, also owns several buildings in Manhattan and Queens. Silverstein has said the firm’s nearly 100 buildings are worth about $400 million total.