NEW YORK CITY-A joint venture of Silverstone Property Group LLC and equity partner RWN Real Estate Partners LLC have teamed up to buy 247 East 28th Street, a 17-story, 128-unit mixed-use apartment building in Kips Bay, for $53 million, the company announced. While the seller was not disclosed, online property records indicate that Samson Management LLC, a property developer based in Rego Park, Queens, previously owned the tower.
Under the deal, Silverstone is planning a comprehensive repositioning and re-branding of the 109,000-square-foot property, including a complete gut renovation of the exterior entrance, the lobby and all common areas. The company will also convert all of the building’s apartment units into luxury rentals with new kitchens, bathrooms, hardwood flooring, custom cabinetry and molding details. Amenities like a fitness center, a rooftop sundeck and a high-tech library and TV lounge for tenants will also be added.
Rents in the building currently average at $40 per square foot, or $2,250 per month, according to StreetEasy.com. Describing the pricing as low for Manhattan, Martin Nussbaum, managing principal at Silverstone, views the site as a value-add opportunity. “The property’s size, location and below-market rents are what attracted us to the building,” he says, in a statement, while Ari Shalam, managing director of RWN Real Estate Partners LLC comments: “we are excited to turn this building into one of the premier high-end rental properties in the area.”
The acquisition was financed by M&T Bank on Feb. 16. Steven Vegh of Multi Investment Group represented both the buyer and seller on the transaction.
Nussbaum could not be immediately reached for additional comment.
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