Silverback Development's Luxury Condominium HERO LIC Nears Sellout, Reaching 90 Percent Sold
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Long Island City's first Art-Moderne skyscraper achieves sales totals nearing $100 million
New York, New York--(Newsfile Corp. - November 16, 2021) - HERO LIC, Long Island City's first Art-Moderne skyscraper by Silverback Development, today is pleased to announce that it has reached 90 percent sold, totaling nearly $100 million in sales. Silverback Development, led by Joshua Schuster, has also paid off a $54 million loan for the project, along with project partners Silverpeak Real Estate Partners and AEW Capital Management - Silverpeak is responsible for acquiring more than $21 billion of gross asset value across various industries and AEW manages approximately $89 billion in assets.
The lender, Benefit Street Partners (BSP), an alternative credit manager with approximately $26 billion in assets under management, recently merged with global investment firm Franklin Templeton. Following the acquisition, the group's alternative offerings represent more than $40 billion in assets under management.
Both milestones were achieved despite economic challenges presented throughout the pandemic. Silverback Development's team completed construction of the condominium in just 10 months, enabling the project to achieve TCO by the deadline required to secure continuation of its 421-a abatement, as most in the industry deemed this a nearly impossible task.
"HERO LIC has seen significant momentum since first launching sales," said Joshua Schuster, Managing Principal, Silverback Development. "We entered the market with this property pre-pandemic and despite the many struggles faced during an unprecedented time coupled with the loss of Amazon's HQ2, the property continued to be in high demand given its architectural significance and location within an incredible neighborhood."
Situated at 24-16 Queens Plaza South, HERO LIC is designed by world-renowned architecture studio Woods Bagot and features 109 luxury condominiums with stunning Manhattan views and an expansive lifestyle package, including 15,000 square-feet of unparalleled amenities. The retail space is leased to Chase Bank.
In addition, Silverback Development commissioned celebrated UK-based artist Jack Coulter to create a series of seven exclusive abstract musical paintings for residents to enjoy in the property's lobby and lounge area. The distinct pieces feature visual interpretations of iconic songs that pay homage to NYC by artists spanning a variety of genres and generations, from David Bowie to Alicia Keys.
HERO LIC is located in the heart of Queens' cultural arts mecca, surrounded by iconic institutions such as MoMa PS1, Sculpture Center, Socrates Sculpture Park, Long Island City Artis, Plaxall Gallery and more. The area is also a well-known destination to catch internationally celebrated street artists in action, from creating must-see murals to smaller-scale custom pieces. Developer Silverback Development commissioned Coulter to bring that spirit of artistic creativity inside the building and Coulter aimed to do just that - bring to life a series that has a special meaning to the residents as well as the local community.
Sales and marketing at HERO LIC are spearheaded by Bianca D'Alessio of Nest Seekers International. For more information, please visit https://www.herolic.com or follow @theherolic and @silverbackdevelopment on Instagram.
Founded by next-generation industry leader Josh Schuster, Silverback Development is strongly positioned to swiftly execute high-quality deals and partnerships and has completed more than one million square feet of luxury residential development in NYC. The company leverages its professional's cumulative experience and deep understanding of market trends as it tactically pursues development and investment opportunities in select urban markets throughout the country. Silverback, which has a current pipeline of projects valued in excess of $2 billion stretching across four states, employs a robust investment strategy and is pursuing ground-up development and adaptive reuse opportunities coast-to-coast. Silverback currently has nearly $950 million under development including luxury condominiums in Midtown Manhattan, Long Island City, Brooklyn Heights, the South Bronx and Gramercy, a rental development in upper Manhattan, and one of the tallest residential buildings in Fort Lauderdale, and office buildings in Washington DC and Connecticut. The company also recently launched a $200M opportunity zone fund to focus on development opportunities in key metropolitan areas.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103820
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