News: Brokerage

Silvershore Properties secures multiple sales - $15.175 million

Silvershore Properties, led by Jason Silverstein and David Shorenstein, arranged the following sales totaling $15.175 million: * The $3.625 million purchase on a package of three multifamily properties featuring 22 apartments at 137, 148 and 150 Patchen Ave. in Bedford Stuyvesant. Patch Realty Corp. previously owned the three buildings, which together, represent 20,000 s/f and sit on a two-block stretch near the border of the Bushwick area. Marcel Fridman of Barcel Group facilitated the transaction on behalf of the buyer and the seller. * The $1.8 million acquisition of a four-unit multifamily property at 193 Sackett St. in Carroll Gardens. * The $6 million purchase of 521 Columbia St. in Red Hook. The property is a 200-ft. wide, 14,000 s/f retail strip featuring eight stores. * The company acquired 857-861 Atlantic Ave. for $3.75 million. These buildings have three stores and six apartments and are located across from the Pacific Park/Atlantic Yards development. The acquisitions brought Silvershore's total for the year to 36 properties in New York City. Based in Manhattan, Silvershore Properties owns nearly 70 buildings in New York, primarily in Brooklyn. "Our holdings have grown considerably in Brooklyn this year," said Jason Silverstein. "For 2015 we are intent on acquiring additional properties in neighborhoods we are active in." "These are excellent properties for our portfolio," added David Shorenstein. "They have strong income potential and asset value. We are always in the market for such acquisitions."
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,