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Kips Bay Benefactors

New York
Kips Bay Benefactors

Silverstone Property, repped by GFI Realty Services' Yosef Katz (snapped yesterday), paid $71.5M to a local investment group for seven contiguous buildings (146 apartments and eight stores) on Third Avenue and 33rd Street and will renovate them completely. Silverstone also gained 50k SF of additional air rights. Yosef tells us the sellers have owned the building for 50 years. And GFI's Barak Jacobov (speaking to us while traveling in Israel), who repped the the sellers, adds that they signed a ground lease in '01 but the leaseholders defaulted in '09. Yosef says the buyer will capture higher rents via renovation. Proof: Silverstone paid $53M for the nearby 247 E 28th and put in another $20M, and those units now rent for about $80/SF. Barak tells us the renovated retail will attract credit retail tenants to the traditionally mom-and-pop neighborhood.