Silvershore Properties Snaps up 149 Rivington for $2.8M, Vertical Extension Planned
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With the recent sale of Streit’s Matzo factory for $30.5 million and its forthcoming departure, speculation on the block of Rivington Street between Clinton and Suffolk, will only increase. Case in point, the stout mixed-use building across the way. The one that often has some sort of storefront psychic.
Silvershore Properties just scooped up 149 Rivington for a paltry $2.8 million. The plan is reportedly to redevelop the four-story brick box and construct two additional floors. More precisely, two larger duplex apartments will be carved from the new square-footage, plus a pair of retail spaces. No permits are on file yet with the Department of Buildings, though.
Silvershore Properties – helmed by Jason Silverstein and David Shorenstein – last dipped a toe into the Lower East Side market three years ago with 101 Delancey Street. They eventually flipped that property in July 2014 for $17.3 million, more than double the initial investment.