Mixed-Use Residential Property in Manhattan Purchased in February 2012 by Silverstone for $53 Million; Property Was Renovated and Repositioned Over the Last Two Years
NEW YORK, Feb. 13, 2014 /PRNewswire/ — Silverstone Property Group, an owner-developer and affiliate of Madison Realty Capital, today announced the sale of 247 East 28th Street, also known as The Grayson, for $99.75 million.
The Class-A luxury property is a 17-story, 109,000 square-foot mixed-use residential apartment tower located in the Gramercy/Flatiron neighborhood of Manhattan. The building features 128 one and two-bedroom units and a ground floor retail space occupied by Chase Bank under a long-term lease.
The announcement was made by Josh Zegen, a Principal and co-founder of Silverstone.
Silverstone purchased the property in February 2012 in an off-market transaction secured by Steven Vegh of Westwood Realty Associates through a joint venture partnership for $53 million. Silverstone allocated a significant capital investment program over the last two years resulting in a complete renovation of the building, which included an overhaul of the exterior, the lobby, all common areas and most apartment units.
The building improvements included a new roof, complete window replacement, new electric service to every apartment, plumbing upgrade, facade restoration, elevator upgrades, and gas boiler conversion. Additional enhancements included the creation of a recreation room, furnished roof deck, and outdoor amenity space.
"Silverstone is pleased with the execution of this entire project, from our initial purchase through renovation and now sale," said Josh Zegen. "We were able to reposition and resell the property ahead of schedule, which further validates our overall investment strategy. We look forward to continued investment activity in Manhattan and the boroughs."
The property was marketed by Andrew G. Scandalios of HFF, L.P. and the purchaser was represented by George Niblock of Friedman-Roth Realty Services LLC.
About Silverstone Property Group
Silverstone Property Group, an affiliate of Madison Realty Capital, is a privately-held real estate investment company headquartered in New York. Through various investment vehicles, Madison Realty Capital and its affiliates have closed approximately $2 billion of real estate transactions across the United States.
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