Silverback Development, along with a group of investors based in Great Neck, Long Island, recently purchased 67 Livingston Street in Brooklyn Heights from Glory Capital for $30 million.
The 50,000-square-foot building formerly served as a dormitory for students of the Art Institute until last year. Silverback Development‘s Josh Schuster will lead the project that will convert the dorms into 23 condo units spanning 29 floors, according to The Real Deal. The residences will consist primarily of two- to three-bedrooms with price tags ranging from $2 million to $3 million.
67 Livingston Street was previously owned by the Jehovah’s Witnesses who sold the property to Glory Capital in 2007 for $18.6 million.
Schuster launched Silverback Development last summer. This will be the firm’s first project in Brooklyn.