
Silverback, AEW Snare LIC Tower That Will Go Condo
Josh Schuster’s Silverback Development has acquired a 23-story residential tower now going vertical at 24-16 Queens Plaza South in Long Island City. Silverback, along with AEW Capital, purchased the project from Greystone Development for nearly $80 million.
With Amazon’s recent announcement of a headquarters campus in LIC, and what some would call an oversupply of rentals in the market, Silverback plans to convert the project’s rental apartments to condominiums as it completes construction.
“This project speaks to the demand for distinctive condominium buildings in neighborhoods like Long Island City, which has been overloaded with rental inventory in recent years,” said Schuster, Silverback’s founder and managing principal.
Drew Fletcher, head of Greystone’s capital markets advisory team, negotiated the sale on behalf of Greystone Development. A Fletcher-led team, that included Matthew Hirsch and Matthew Klauer, arranged a $54-million acquisition and construction loan from Benefit Street Partners.
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