NEW YORK — Silverstone Property Group, an owner-developer and affiliate of Madison Realty Capital, has sold 247 East 28th Street, also known as The Grayson, for $99.75 million to an unnamed buyer from China.
The Class A luxury property is a 17-story, 109,000-square-foot mixed-use residential tower located in the Gramercy/Flatiron neighborhood of Manhattan. The building features 128 one- and two-bedroom apartments and a ground-floor retail space occupied by Chase Bank under a long-term lease.
Silverstone originally purchased the property in February 2012 in an off-market transaction secured by Steven Vegh of Westwood Realty Associates for $53 million. Silverstone allocated a significant capital investment program over the last two years that resulted in a complete renovation of the building, which included an overhaul of the exterior, the lobby, all common areas and most apartment units.
The building improvements included a new roof, complete window replacement, new electric service to every apartment, plumbing upgrade, façade restoration, elevator upgrades and gas boiler conversion. Additional enhancements included the creation of a recreation room, furnished roof deck and outdoor amenity space.
“Silverstone is pleased with the execution of this entire project, from our initial purchase through renovation and now sale,” says 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.”
Andrew Scandalios of HFF marketed the property. George Niblock of Friedman-Roth Realty Services represented the purchaser.
Silverstone Property Group, an affiliate of Madison Realty Capital, is a privately held real estate investment company headquartered in New York. Through various investment vehicles, Madison Realty Capital and its affiliates have closed approximately $2 billion of real estate transactions across the United States.
— Matt Valley