Silverstone Property Group acquires 7,425 s/f 166 Suffolk St. for $2.55 million

Silverstone Property Group has acquired 166 Suffolk St., located in the Lower East Side area of the city. 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 or $340 per s/f 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. The acquisition adds another building to Silverstone's expanding portfolio of apartment buildings. Silverstone Property Group is a New York City based full-service real estate company with operations in investments/acquisitions, property management, asset management, new development consulting and construction supervision.