Silverback pays $16.9M to Emmes Asset for garage in Longwood Melrose

Silverback Development through the entity SB Gerard Avenue, LLC paid Emmes Asset Management Company’s Nr Property 2 LLC $16.9 million for 580 Gerard Avenue in Longwood Melrose. The deal closed on September 2, 2020, and was recorded on October 2, 2020. The transaction consists of 1 parcel, including the tax class garage with two or more stories (G1). The property is 30,345 square feet. The parcel(s) have total development potential of 124,881 square feet.
The average sale price per square foot is $135.

The contract date was February 27, 2020. Joshua Schuster was the signatory for the Silverback.  Alison Pappas is the general counsel at Emmes.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $134,675.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link The signatory for the buyer or lender was Joshua Schuster.

Correction: The name was corrected from Silverback Acquisitions and Development to Silverback Development.