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Brokerage
Posted: July 14, 2010
Nussbaum and Figari in-house represent Silverstone in $2.55 million building acquistion
Silverstone Property Group has acquired 166 Suffolk St. located in the Lower East Side area. The five-story, 7,425 s/f residential apartment building is fully leased and contains 19 studio apartments. Silverstone purchased the building for $2.55 million from a private seller in an off-market transaction. This correlates to a 6.9% cap rate which offers Silverstone a value added opportunity with upside in rents as well as additional build-out space.
Silverstone was represented in-house by Martin Nussbaum and Steven Figari. The seller, Suffolk Management LLC, was represented by Enrique Cruz of Premier Properties. The acquisition adds another building to Silverstone's expanding portfolio of apartment buildings in the city.
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