Silverstone Purchases Apartment Tower For $53 Million

NEW YORK CITY—Silverstone Property Group LLC has made a $53 million off-market acquisition of 247 East 28th Street, .a 109,000-sq.-ft. mixed-use residential apartment tower located in the Murray Hill/Kips Bay submarket of Manhattan.

The 17-story building has 128 one- and two- bedroom units and a ground floor retail space occupied by Chase Bank under a long-term lease. Silverstone Property Group purchased the property in a joint venture partnership with equity partner RWN Real Estate Partners LLC, a New York middle market real estate investment platform.

Silverstone plans on creating a high end rental community through a major repositioning and rebranding of the elevator building. Improvements will include the complete gut renovation of the exterior entrance, the lobby, all common areas and most apartments. Additionally, Silverstone will add new amenities to the building including a private exterior garden, roof sundeck, fitness center, high-tech library/TV lounge and storage lockers for tenants.

The acquisition was financed by M&T Bank on February 16, 2012. Steven Vegh of Multi Investment Group represented both the buyer and seller in the transaction.

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