Josh Schuster’s Silverback to lead conversion of Brooklyn Heights dorm

Project is company's second condo deal since launching last summer

May.May 30, 2017 05:40 PM

67 Livingston Street, the view and Josh Schuster

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)

Related Articles

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Morris Moinian and 1150 6th Avenue (Credit: Noam Galai/Getty Images, Google Maps)

Morris Moinian to sell site of stalled hotel project

An aerial of Flushing's waterfront and New York City Council member Peter Koo (Credit: Google Maps)

Massive Flushing waterfront development stirs opposition

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

South Carolina town puts moratorium on development (Credit: iStock)

The high cost of low taxes: South Carolina town bans all development for 16 months

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

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