The communal living company acquired the Paper Factory Hotel in Long Island City, Queens for conversion into its third co-living property in New York City.
Brad Lebovitz, managing director at Silverpeak, says the acquisitions introduce Silverpeak to edge markets where the firm sees limited supply.
The 58-acre Pinecrest consists of 400,000 square feet of retail space, two Class A office buildings totaling 160,000 square feet, 87 high-end luxury apartments, and a 145-key AC Hotel by Marriott.
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