Pryor Cashman's nationally-recognized Real Estate Group represented affiliates of Silverback Development and AEW Capital Management in connection with their acquisition and financing of the residential component of 24-16 Queens Plaza South in Long Island City. The property was purchased from Greystone Development and the sale finalized on January 28, 2019.
The development is currently 60% complete, with Silverback stepping in to complete construction and convert the project from a multifamily rental apartment building into for-sale condominiums targeted to buyers looking to take advantage of the tremendous growth in Long Island City.
News of the deal was picked up by Crain's New York Business, Real Estate Weekly, GlobeSt and New York Business Journal, among other outlets.
The Pryor Cashman Team
Representing Silverback and AEW were Partner Wayne Heicklen, Co-Chair of Pryor Cashman's Real Estate Group, Partner Danielle Schechner and Associate Ari Tran.
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