Silvershore Properties Betting on Flipping 101 Delancey for 200% Markup
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Just another everyday fixer-upper…
You may have noticed the flurry of renovation activities at 101 Delancey Street lately (also known as the Karc building). You probably also saw that the the alternating Jackson Hewitt-slash-psychic store and the Fiorentino salon boutique are both out of business. Well, now we know why. It’s all related to Silvershore Properties’ intention to flip the property for $20 million, a 200% markup. The real estate company – helmed by Jason Silverstein and David Shorenstein – purchased the building last fall for $7 million and is now banking on SPURA development to justify the hefty price tag.
101 Delancey boasts a footprint of 19,000 square-feet and carries twenty apartments and five retail spaces to its name. The residential breakdown is: fourteen free-market, five rent-stabilized, and one rent-controlled.
The Real Deal has more:
Leases for the building’s five retail spaces on the ground floor, which account for 96 feet of frontage on Delancey Street, are also set to expire in the coming months, meaning that a new owner could attract a large retail tenant at significantly higher rents than the spaces are currently achieving.
“You’re going to see a real transformation [of the neighborhood,]” [Marcus & Millichap broker] Von Der Ahe said. “Investors will want to be on the front edge of that.”
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