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Silverstein Makes First NYC Residential Acquisition
Silverstein Properties closed on the acquisition of 116 John St., a 416-unit multifamily property in Lower Manhattan and its first residential acquisition in New York City. Silverstein purchased it for $247.5 million from an affiliate of Metro Loft Management, LLC, which converted the 35-story Art Deco office tower to residential use in 2013.
“Downtown is our home, and I am proud to have been part of this neighborhood’s incredible transformation and renewal over the past 20 years,” said Larry A. Silverstein, chairman of Silverstein Properties. “We are excited to provide the residents of 116 John St. with exceptional services and look forward to building an inspiring community in the building.”
Apartments at 116 John St. feature 11-foot ceiling heights and private outdoor terraces in select units. The bottom floors are leased to Sonder, a tech-driven hospitality company.
Khashy Eyn from Platinum Properties and Lenny Sporn helped broker the off-market transaction.
- ◦Sale/Acquisition
