RWN Real Estate Partners and Silverstone Property Group have announced the sale of The Grayson, a 17-story, 128-unit residential building located at 247 East 28th Street in Kips Bay, for $99.75 million.
Martin Nussbaum, principal and co-founder of Silverstone and Ari Shalam, managing partner of RWN, originally purchased The Grayson for $53 Million in February 2012.
Since its rezoning in 2003, Fourth Avenue in Park Slope has seen a few new apartment buildings go up, but developers only got a few years in before the financial crisis put a freeze on new construction along the avenue, leaving it in its current half-industrial, half-luxury residential state.
But as Brooklyn’s housing market heats back up, landowners are putting development sites back on the market, and builders are crawling over each other to get a piece of the action.
A site marketed by TerraCRG, 275 Fourth Avenue, currently occupied by a suburban-style McDonald’s at First Street, just sold for $14.8 million, Ofer Cohen told The Observer—well above the $12 million that the seller was asking for the land.