Apartment/Retail Development Built by Silverstone and Adam America, Completed and 100% Leased in 2012, Achieved Highest Residential Rents in Market; Prime Location in Williamsburg
NEW YORK, July 11, 2013 /PRNewswire/ — Silverstone Property Group and Adam America Real Estate Group announced the sale of 65-69 North 6th Street in Williamsburg for $28.75 million to an undisclosed purchaser. Silverstone and Adam America developed the mixed-use property after purchasing the stalled development site from its prior owner. 65-69 North 6th Street is comprised of 28 rental apartments and 4,000 square feet of ground-floor retail space, and offers 14 off-street parking spaces. The announcement was made by Martin Nussbaum, a Principal of Silverstone, and Dvir Cohen Hoshen, a Principal of Adam America.
The developers reworked the previous owner's plans for a 24-unit condo, reconfiguring the project as a 28-unit luxury rental building with a significant retail component. Construction work commenced in August 2011, and by September 2012 construction was completed and the property was fully leased. The leasing campaign was extraordinarily successful, with 50% of the apartment units rented in a single day and 100% rented within 30 days of the building's opening. At the time 65-69 North 6th Street achieved the highest residential rents (over $65 per square foot) in the Williamsburg market.
"We're pleased with every step of our execution of this project, from start to finish," said Mr. Nussbaum. "The results speak for themselves, in the value we created and then realized through this disposition."
"The development team identified a stellar Williamsburg location and delivered units that were appealing to our target market, all on or ahead of schedule," Mr. Cohen Hoshen added. "We look forward to further activity in Williamsburg."
Silverstone and Adam America are currently developing together a new 170-unit rental property on North 7th/North 8th Streets in Williamsburg and a 70-unit condominium building on Water Street in DUMBO. In addition, Adam America is launching next month its newest state-of-the-art rental building at 53 Broadway in north Williamsburg.
About Silverstone Property Group
Silverstone Property Group is a privately-held real estate development company headquartered in New York. Through various investment vehicles, its principals have invested in excess of $1.5 billion of real estate across the United States. Silverstone's senior management has overseen the acquisition, development and management of over 5,000 residential units nationwide and in excess of 5 million square feet of retail.
About Adam America Real Estate Group
Adam America Real Estate Group, led by Dvir Cohen Hoshen and Omri Sachs, is an entrepreneurial real estate investment and development company with broad international experience in the development of multi-family properties. Adam America specializes in ground up development, utilizing its international experience and international financial backing to create a state of the art rental and condominium buildings in Brooklyn and Manhattan.
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