Josh Schuster’s Silverback Development will lead the conversion of a Brooklyn Heights dormitory into 23 condominiums, he told The Real Deal.
The former DHA Capital principal and his partners, a group of Great Neck-based investors, acquired the 50,000-square-foot building at 67 Livingston Street for $30 million from Glory Capital earlier this year. The group of buyers also included Helmsley Spear’s Mark Neuman’s family office.
The development is Silverback’s second condo project in New York City since launching operations in summer 2016 and its first in Brooklyn. The company is also planning to build a 13-story condominium building on Second Avenue in Gramercy Park.
Silverback has a current pipeline of projects valued at more than $1.5 billion, Schuster said.
The Brooklyn Heights condo project will comprise 23 units across 29 floors, mostly two- to three-bedroom apartments priced in the $2 million to $3 million range, he said. The company plans to launch sales there in the next six-to-eight months.
The total sellout price will be approximately $70 million. Silverback is currently in conversations with several new development marketing firms, but has not yet finalized a deal with one in particular, Schuster said.
The building was occupied by students of the Art Institute of New York City until last year.
Schuster declined to comment on his company’s specific stake in the project, but said Silverback typically takes a 5 to 25 percent stake in its deals.
(To view more new development projects in Brooklyn Heights, click here)