Silverstone Property Sells Fast-Renting 'Burg Building for $28.75 Million

Silverstone Property, who developed 65-69 North 6th Street in Williamsburg, just flipped the complex for $28,750,000 to an undisclosed buyer, as The Real Deal was the first to report. Silverstone bought the stalled development site in 2011 for $4,300,000. They started work in August of 2011 and created a 28-unit rental building with 4,000 square feet of retail space. They listed the apartment units last summer, and 50 percent of the apartment units rented in a single day. Meanwhile, Silverstone has moved on to developing another property in the neighborhood, a 170-unit rental project on North 7th and North 8th streets.
65 North 6th Street Adds to Williamsburg Rental Stock [Brownstoner]