Nussbaum and Figari of Silverstone handle $8.8 million multifamily acquisition; Six-story, 22,398 s/f residential apartment located at 157 Suffolk Street

Silverstone Property Group has acquired 157 Suffolk St. located in the Lower East Side. The six-story, 22,398 s/f residential apartment building consists of 33 apartments and two retail stores. Silverstone purchased the building for $8.8 million, in an all-cash, off-market transaction with the private seller. Silverstone will be renovating the building to create a high-end boutique residential rental property, as well as leasing the retail space which has been vacant for many years. Silverstone was represented in-house by Martin Nussbaum and Steven Figari. "This acquisition adds another building to our expanding portfolio of properties in New York City and our second purchase in the past year on Suffolk St.," said Nussbaum, the managing principal of Silverstone. "Silverstone is actively investing in mixed-use apartment buildings in New York City and we are in contract on $25 million worth of assets that we will close on in the next 60 days."