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Brokerage
Posted: April 25, 2011
Silverstone Property Group buys stalled Brooklyn development site for $4.3 million
Silverstone Property Group has acquired a stalled development site in Williamsburg at 65-69 North 6th St. The site will be developed into a 40,000 s/f building containing 28 residential units and 4,100 s/f of retail space. Silverstone purchased the property for $4.3 million in an all-cash, off-market deal from the original developer. The development has the foundation in place and is planned as a six-story, 28-unit residential building with ground floor retail space.
Martin Nussbaum, managing principal at Silverstone, said, "We are very bullish on the multifamily development market and are seeing outsized returns for this type of real estate investment in key markets. We feel comfortable in our ability to finance ground-up development projects and are continually seeking additional projects in strong New York residential neighborhoods."
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