Silverstone to create high end rental

Real Estate Weekly - Silverstone Property Group, LLC, has announced plan for a turnaround at 247 East 28th Street, the Murray Hill tower it purchased for $52 million last week.

The developer parntered with RWN Real Estate Partners LLC, on the $53 million, off market acquisition of 247 East 28th, a 109,000 s/f mixed-use residential apartment tower.

The 17 story building has 128 one- and two bedroom units and a ground floor retail space occupied by Chase Bank.

Silverstone plans on creating a high end rental community through a major repositioning and rebranding of the elevator building.

Improvements include the complete gut renovation of the exterior entrance, the lobby, all common areas and mostapartments. Additionally, Silverstone will add new amenities to the building including a private exterior garden, roof sundeck, state of the art fitness center,high-tech library/TV lounge and storage lockers for tenants.

The renovations will transform currently outdated apartments into updated,luxury rental units with condominium level finishes that include new European style kitchens, spa-like bathrooms and molding detail, according to Martin Nussbaum, managing principal of Silverstone.

"The property's size, location and below market rents are what attracted us to the building" said Nussbaum. "Recognizing a great opportunity, we moved quickly to secure the property."

Ari Shalam, managing director of RWN Real Estate Partners LLC added, "We are excited to turn this building into one of the premier high end rental properties in the area."

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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