The Brooklyn Legacy Portfolio includes 57 properties on the market for sale.
NEW YORK CITY—Silvershore Properties, looking to take advantage of the strong multifamily climate in Brooklyn, has put a portfolio of 57 multifamily properties in Kings County on the market for sale.
The Manhattan-based investment firm led by Jason Silverstein and David Shorenstein has hired Cushman & Wakefield to sell the “Brooklyn Legacy Portfolio” that C&W maintains is the second largest portfolio ever offered for sale in New York City and the largest ever in the outer boroughs.
The portfolio comprises a total of more than 430,615 square feet and the multifamily properties are located in some of Brooklyn’s most desirable neighborhoods, C&W states. The brokerage firm refused to divulge an asking price for the portfolio.
Silvershore Properties has acquired more than 150 properties in Manhattan, Brooklyn and Queens since 2010, according to its company website.
Cushman & Wakefield’s Bob Knakal, Stephen Palmese, Jonathan Hageman, DJ Johnston, Michael Mazzara, James Berluti and Charlotte Myers are exclusively marketing the portfolio.
“The Brooklyn market today is very reminiscent of Manhattan in the 1990s. Some areas are significantly thriving while others are only beginning to gain traction. In the years to come, all neighborhoods in Brooklyn will be thriving just as they all are in Manhattan today,” Knakal says.
C&W’s Palmese simply terms the Silvershore Brooklyn Legacy Portfolio offering as “a truly one-of-a-kind investment opportunity.” The sale will not involve individual properties, but will be conducted as a portfolio-only sale, according to C&W.
He says that a bulk of the portfolio is concentrated in Bedford-Stuyvesant, Bushwick, Clinton Hill, Crown Heights and Prospect Heights. The balance of the portfolio is located in other Brooklyn neighborhoods, such as Park Slope, Boerum Hill and Carroll Gardens. The portfolio also includes two properties in Queens.
“This allows an investor to establish an immediate foothold in the outer boroughs. Each asset included in the portfolio is unique and collectively they present investors with immediate value-add upside, stabilized yield, and long-term growth,” C& W’s Palmese adds.