Silverstone Property Group, the New York-based real estate company, announced that it had sold 247 East 28th Street in New York, also known as The Grayson, for $99.75 million. The buyer of the property is an Asian investment company, which owns one commercial office building in the city, sources said. The property was marketed by Andrew Scandalios of HFF and the purchaser was represented by George Niblock of Friedman-Roth Realty Services.
"Silverstone is pleased with the execution of this entire project, from our initial purchase through renovation and now sale," said Josh Zegen, a Principal and co-founder of Silverstone. "We were able to reposition and resell the property ahead of schedule, which further validates our overall investment strategy. We look forward to continued investment activity in Manhattan and the boroughs."
Silverstone, through its parent company Madison Realty Capital in a joint venture with Slate Property Group and RWN Real Estate Partners, acquired the asset in February 2012 in an off-market transaction secured by Steven Vegh of Westwood Realty Associates for $53 million, or $414,000 per unit, according to CoStar data. Silverstone allocated a significant capital investment program over the last two years to the 17-story, 109,000 square-foot mixed-use tower resulting in a complete renovation of the building, which included an overhaul of the exterior, the lobby, all common areas and most units.
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