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Deals & Dealmakers

Silverback JV to build $100M Gramercy condo project at 351-359 2nd Avenue

Silverback Development announced that it will partner with a silent investor to develop an $100 million luxury condominium project at the intersection of Second Avenue and 21st Street in the Gramercy Park neighborhood.

The partnership has plans to tap a notable architect and designer for the project, which will be built on an 8,052-square-foot, three-lot land assemblage located between 351-359 2nd Avenue, overlooking Peter’s Field Park.

The project is the first New York City development for Silverback, which launched last summer.

“It’s extremely exciting that our first New York City project will be located in an iconic neighborhood such as Gramercy Park,” said Josh Schuster, founder and managing principal of Silverback Development.

“We look forward to delivering a project that is both architecturally distinct and fits into the existing fabric of such a quintessential New York community.”

Since being founded in July 2016, Silverback has embarked on several projects including a $12.5 million acquisition in Stamford, Connecticut, and the repositioning of two projects an office building in SoHo and a former hospital in Queens.

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