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Silverstone Sells The Grayson for $99.8M

Manhattan Mixed-Use Trades Following Extensive Capital Improvement Program
February 14, 2014
Silverstone Property Group has sold The Grayson, a mixed-use residential hi-rise at 241-249 E. 29th St. in New York City, for $99.75 million, or about $779,000 per unit.

The 17-story, 108,614-square-foot apartment building is comprised of 128 one- and two-bedroom units averaging 721 square feet each, and a 6,517-square-foot ground-floor retail unit occupied by Chase Bank on a long-term lease. The property was built in 1978 on three-tenths of an acre in the Kips Bay submarket of Manhattan, between 28th and 29th Streets in the Gramercy/Flatiron district. It features numerous amenities including a doorman, fitness center, and Wi-Fi at the swimming pool and clubhouse.

Silverstone, through its parent company Madison Realty Capital GB LLC in a joint venture with Slate Property Group and RWN Real Estate Partners, acquired the asset in February 2012 for $53 million, or $414,000 per unit, according to CoStar data. See CoStar COMPS #2265515.

Silverstone, an owner/developer, launched a significant capital improvement program resulting in a complete renovation at the property, including a new exterior, new roof and windows, upgraded electrical and plumbing systems, upgrades to the lobby, elevators and common areas, and improvements to most apartment units, as well as a new rec room, furnished roof deck, and outdoor amenity space.

"Silverstone is pleased with the execution of this entire project, from our initial purchase through renovation and now sale," said Josh Zegen, principal and co-founder of Silverstone. "We were able to reposition and resell the property ahead of schedule, which further validates our overall investment strategy. We look forward to continued investment activity in Manhattan and the boroughs."

Colin Oberg and Andrew Scandalios with HFF represented the sellers. George Niblock with Friedman-Roth Realty Services LLC represented the buyer.

Please see CoStar COMPS #2958026 for additional information on this transaction.
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