Silverstone Nabs $100M In Kips Bay Residential Flip

Law360, New York (February 13, 2014, 3:03 PM EST) -- Silverstone Property Group and RWN Real Estate Partners have closed on the sale of The Grayson, a 17-story residential building in the Kips Bay neighborhood of Manhattan, to an Asian investment company for $99.75 million, the sellers announced Thursday.

Silverstone and RWN purchased the 128-unit, 109,000-square-foot building at 247 East 28th St. in February 2012 for $53 million and completely renovated it, nearly doubling its value.

“The repositioning of The Grayson demonstrates the success of my overall business strategy: to identify and acquire real estate assets...
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