The Grayson in Kips Bay Sells for $100M
Al Barbarino Feb. 13, 2014, 6:42 p.m.
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.
“RWN Real Estate Partners is proud of the strategic role it played in this transaction,” Mr. Shalam said in a statement. “We saw the vast potential of The Grayson in its size, location and under-market rents and brought both capital and expertise to Silverstone to maximize the property’s value.”
A renovation of the 109,000-square-foot building included a modernization of its rentals with high-end finishes, including six-inch sandstone oak flooring, custom cabinets and closets, polished quartz countertops, top-of-the-line appliances and extravagant windows that capture the spectacular city views.
The team overhauled the lobby and entrance, installing honed limestone floors and illuminated feature walls, adding a private landscaped courtyard, a garden roof deck with river and city views, a fitness center, residents’ lounge with library, billiards table and kitchen.
“The repositioning of The Grayson demonstrates the success of my overall business strategy: to identify and acquire real estate assets with significant value-add potential and transform them into premier buildings when redeveloping and operating them,” Mr. Nussbaum said in a statement. “The collective industry experience of my team and our superior knowledge of New York City’s submarkets have enabled us to add significant value to projects like The Grayson.”
Andrew Scandalios of HFF represented the sellers and George Niblock of Friedman Roth represented the buyer, an undisclosed private investor.