Powered by an initial $50 million capital investment, Silverback Development has announced its official launch.
Founded by next-generation industry executive Josh Schuster, the developer, owner and investor said it will adopt “a pioneering approach to the creation of architecturally distinct properties … to swiftly execute high-quality deals and partnerships.”
Silverback will pursue development and investment opportunities in select urban markets throughout the country, with an initial focus on New York City.
“Our process is rooted in extensively researching area demographics and market fundamentals in order to be at the early stage of identifying a neighborhood’s potential,” commented Schuster.
“This approach will guide Silverback’s investment and development activities as we seek out opportunities that align with our core competencies.”
Silverback’s investment strategy includes offering special solutions to existing developers, and pursuing ground-up development and adaptive reuse opportunities coast-to-coast.
Schuster said the firm is both disciplined in its investment approach, and nimble in its ability to act quickly to capitalize on attractive development and joint-venture partnership opportunities.
“In the next real estate market cycle, as banks become more hesitant to lend on projects that don’t benefit from a substantial equity investment, cash will be king,” Schuster said. “Silverback’s strong financial backing puts us at a competitive advantage, providing an avenue for lenders that are looking to invest in stable assets that will provide solid returns.”
Schuster, has a track record of delivering high-profile projects, including 50 Clinton Street, 535 West 43rd Street and 12 East 13th Street.
Most recently, he spearheaded the acquisition of 75 Kenmare in Nolita, including the commissioning of star interior designer Lenny Kravitz to design the building’s residences.
“We’ve assembled a team of world-class real estate professionals, all of whom were handpicked because of their defined expertise, tireless work ethic, commitment to innovation and strong industry relationships,” added Schuster.
“With this formula, I’m confident we will achieve our objective of delivering successful properties that meet market demand, energize their surroundings and contribute to the creation of dynamic neighborhoods.”