WASHINGTON, DC–New York City-based SilverbackDevelopment entered the Washington DC area market lastmonth via a joint venture with the KossuthFoundation to acquire and restore 2001 Massachusetts Ave.,NW. The Kossuth Foundation, which is dedicated to maintaining andencouraging Hungarian-American culture, is the nonprofit charitythat is the successor to the previous building owner, the HungarianReformed Federation of America.
The new owners of the property declined to discuss pricing,noting that the site has been tied up in litigation and that theacquisition price wasn't a reflection of the fair market value forthe building due to the cost of the lawsuit.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
