{"id":1004091382,"date":"2014-02-17T06:57:38","date_gmt":"2014-02-17T14:57:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004091382"},"modified":"2022-12-08T21:54:42","modified_gmt":"2022-12-09T05:54:42","slug":"silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m\/","title":{"rendered":"Silverstone Sells M-U Apartment Tower in Manhattan for $100M"},"content":{"rendered":"

By Jeffrey Steele, Contributing Writer<\/em><\/p>\n

Owner-developer and affiliate of Madison Realty Capital, Silverstone Property Group has sold 247 E. 28th<\/sup> St., also known as The Grayson, for $99.7 million.<\/p>\n

The Class A mixed-use property, a 17-story, 109,000-square-foot apartment tower located in Manhattan\u2019s Gramercy\/Flatiron neighborhood, had been purchased by Silverstone in February 2012 for $53 million.\u00a0 The off-market transaction was secured by Steven Vegh of Westwood Realty Associates through a joint venture partnership. Silverstone launched a capital investment in a renovation and repositioning of the property, including an overhaul of the structure\u2019s exterior, the lobby, all common areas and most apartment units.<\/p>\n

Building improvements included a new roof, complete window replacement, new electric service to every apartment, plumbing upgrade, fa\u00e7ade restoration, elevator upgrades, gas boiler conversion, and creation of a recreation room, furnished roof deck and outdoor amenity space.<\/p>\n

The property offers 128 one- and two-bedroom units and a ground-floor retail space occupied under a long-term lease by Chase Bank.<\/p>\n

Silverstone principal and co-founder Josh Zegen said the company is pleased with the execution of the project, from its initial purchase through renovation and ultimately resale.<\/p>\n

\u201cWe were able to reposition and resell the property ahead of schedule, which further validates our overall investment strategy,\u201d he said in a news release.\u00a0 \u201cWe look forward to continued investment activity in Manhattan and the boroughs.\u201d<\/p>\n

The property was marketed by Andrew G. Scandalios of HFF, L.P.\u00a0 The purchaser was represented by George Niblock of Friedman-Roth Realty Services LLC.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Owner-developer and affiliate of Madison Realty Capital, Silverstone Property Group has sold 247 E. 28th St., also known as The Grayson, for $100 million.<\/p>\n","protected":false},"author":450,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21752,1600,21742,10],"tags":[],"class_list":["post-1004091382","post","type-post","status-publish","format-standard","hentry","category-investment","category-midatlantic","category-mixed-use","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"\nSilverstone Sells M-U Apartment Tower in Manhattan for $100M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silverstone Sells M-U Apartment Tower in Manhattan for $100M\" \/>\n<meta property=\"og:description\" content=\"Owner-developer and affiliate of Madison Realty Capital, Silverstone Property Group has sold 247 E. 28th St., also known as The Grayson, for $100 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-02-17T14:57:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:54:42+00:00\" \/>\n<meta name=\"author\" content=\"Jeffrey Steele\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m\\\/\"},\"author\":{\"name\":\"Jeffrey Steele\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d331e0059e00242bd623aa07925cd418\"},\"headline\":\"Silverstone Sells M-U Apartment Tower in Manhattan for $100M\",\"datePublished\":\"2014-02-17T14:57:38+00:00\",\"dateModified\":\"2022-12-09T05:54:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m\\\/\"},\"wordCount\":255,\"commentCount\":0,\"articleSection\":[\"Investment\",\"Mid-Atlantic\",\"Mixed Use\",\"New York\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/silverstone-sells-m-u-apartment-tower-in-manhattan-for-100m\\\/\",\"name\":\"Silverstone Sells M-U Apartment Tower in Manhattan for $100M - 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