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Oct. 9, 2013

Silverstone Buys Manhattan Mixed-Use Properties for $71M

Kips Bay thumbnailBy Dees Stribling, Contributing Editor

New York—Silverstone Property Group has bought seven contiguous buildings in the Kips Bay section of Manhattan for $71.5 million that form a mixed-use package of residential and retail space. All together, the buildings—which extend from the corner of 3rd Ave. to East 33rd St. —include 146 apartment units and eight stores.

The acquisition came with about 60,000 square feet of available air rights across the seven properties. The residential units are 60 percent market rate, while local retailers occupy the commercial units.

The property addresses are 489, 493 and 495 Third Avenue, and 203, 205, 207 and 211 East 33rd. The structures were originally built in the early 1900s and are close to Herald Square, Penn Station and Grand Central Terminal.

Kips Bay is roughly the area between E 23rd and E 34th streets between Lexington Ave. and the East River. The buildings were held by long-term ownership before being sold to Silverstone, who’s been active in the area recently. Before this deal, the company bought 247 East 28th St., also known as the Grayson, a 128-unit apartment building.

GFI Realty Services’ Yosef Katz and Barak Jacobov brokered the transaction, with Katz represented the buyer and Jacobov represented the sellers, local investors. According to Katz, the new owners plan capital improvements to capture upside rental income potential.

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