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Posted: February 19, 2019
Silverback Development and AEW acquire residential tower from Greystone Development – $80 million
Queens, NY According to Josh Schuster’s Silverback Development, it has acquired a 23-story residential tower at 24-16 Queens Plaza South in Long Island City for $80 million. Silverback, along with AEW Capital, purchased the project from Greystone Development. Construction at the site is well underway as the nearly 300-foot tower is topped off and work at the site is 60% complete.
With the news of Amazon HQ2 and the oversupply of rentals in LIC, Silverback is taking the maverick strategy to spearhead the conversion of the rental project to condominiums, to meet the shifting needs of the market.
“This project speaks to the demand for distinctive condominium buildings in neighborhoods like Long Island City, which has been overloaded with rental inventory in recent years,” said Josh Schuster, founder and managing principal, of Silverback Development. “We are proud to be entering the thriving Long Island City market and repositioning this important building to meet the demand that we know is coming with the exciting addition of Amazon HQ2.”
Located at 24-16 Queens Plaza South, the building is being transformed by architectural firm Woods Bagot and will contain 109 residences including studios, one-, and two-bedroom residences. Select units will have 10-foot ceilings with views of the Manhattan skyline.
“We are excited to partner with AEW Capital Management on the acquisition and construction of a project we believe will be a distinctive piece of our rapidly expanding portfolio,” said Alan Glick, vice president of development at Silverback Development. “Together, we are well positioned to complete this unique development and look forward to delivering an architecturally significant project to Long Island City.”
Outside the building, future residents will have access to a multitude of public amenities in the center of Long Island City and its burgeoning waterfront. The property provides premium accessibility to Manhattan and Long Island as it sits adjacent to the Queensboro Plaza MTA station, servicing the 7, N and Q lines, the Long Island Expressway, and the Queensboro Bridge. The nearby 7, N and Q trains allow for an easy commute to Midtown Manhattan in 25 minutes or less.
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