Stalled Burg Site Trades, Will Become a Rental

The schematic above came along with a press release yesterday that said the firm Silverstone Property Group has acquired the stalled site at 65-69 North 6th Street and will turn it into a 28-unit rental with 4,100 square feet of retail space. The release says the company paid “$4.3M in an all-cash, off-market transaction from the original developer” for the property. Martin Nussbaum, a managing principal at Silverstone, told us he’s looking to begin construction within the next three to four months and that the project will probably take about a year-and-a-half to complete. GMAP