Silverback Development’s HERO LIC Luxury Condominium Nears Sold, Reaching 90 Percent of Sales



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Long Island City’s first Art-Modern skyscraper achieves total sales of nearly $ 100 million

New York, New York – (Newsfile Corp. – November 16, 2021) – HEROES LIC, the first Art-Modern skyscraper in Long Island City by Silverback Development, is pleased to announce today that it has reached 90% in sales, totaling nearly $ 100 million in sales. Silverback Development, led by Joshua Schuster, also repaid a $ 54 million loan for the project, with project partners Silverpeak Real Estate Partners and AEW Capital Management – Silverpeak is responsible for acquiring over $ 21 billion in gross assets across various industries and AEW manages approximately $ 89 billion in assets.

The lender, Benefit Street Partners (BSP), an alternative credit manager with around $ 26 billion in assets under management, recently merged with a global investment firm Franklin templeton. Following the acquisition, the group’s alternative offers represent more than $ 40 billion in assets under management.

Both milestones were achieved despite the economic challenges presented throughout the pandemic. The Silverback Development team Completed construction of the condominium in just 10 months, allowing the project to reach TCO within the timeframe required to ensure the continuation of its 421-a abatement, as most industry players considered this to be an almost impossible task .

“HERO LIC has seen significant momentum since first launching sales,” said Joshua Schuster, Managing Director, Silverback Development. “We entered the market with this property before the pandemic and despite the many difficulties encountered during an unprecedented period coupled with the loss of Amazon’s headquarters2, the property continued to be in high demand given its architectural significance. and its location in an incredible neighborhood. ”

Located at 24-16 Queens Plaza South, HERO LIC is designed by a world-renowned architecture studio Bagot wood and offers 109 luxury condominiums with breathtaking views of Manhattan and an expansive lifestyle package, including 15,000 square feet of unmatched amenities. The commercial space is let to Hunting bank.

Besides, Silverback Development commissioned a famous 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 living room. The distinct pieces feature visual renditions of iconic songs that pay homage to New York City 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 see internationally renowned street artists in action, from the creation of must-see murals to personalized pieces on a smaller scale. Developer Silverback Development commissioned Coulter to bring that spirit of artistic creativity inside the building and Coulter was aiming for just that – bringing to life a series that has special meaning for residents as well as the local community.

Sales and Marketing at HERO LIC are led by Bianca D’Alessio from International nest seekers. For more information, please visit https://www.herolic.com or follow @theherolic and @silverbackdevelopment on Instagram.

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Silverback Development

Founded by next-generation industry leader Josh Schuster, Silverback Development is strongly positioned to rapidly execute high quality transactions and partnerships and has completed over one million square feet of luxury residential development in New York City. The company leverages the cumulative experience of its professionals and their in-depth understanding of market trends as it tactically pursues development and investment opportunities in select urban markets across the country. Silverback, which currently has a portfolio of projects valued at more than $ 2 billion spanning four states, employs a robust investment strategy and pursues development and adaptive reuse opportunities from coast to coast. other. Silverback currently has nearly $ 950 million in 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 $ 200 million opportunity zone fund to focus on development opportunities in major metropolitan areas.

Media contacts:
Dale laplace
[email protected]
845.987.6527

Bianca Fabien
[email protected]
347.476.2948

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/103820


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