Brooklyn developer scores financing on one-time David Werner conversion target

David Werner’s loss is Hershy Silberstein’s gain. The Blue Sky Builders honcho landed $102 million in construction financing for the office-to-residential conversion of 311 West 43rd Street in Hell’s Kitchen, the Commercial Observer reported. S3 Capital provided the debt for the redevelopment of the Press Building. Silberstein’s involvement in the project wasn’t previously disclosed. Instead, it appeared that one of New York City’s conversion kings, David Werner, would be spearheading the redevelopment. Werner was in contract to buy the 193,000-square-foot building for slightly more than $40 million, The Real Deal reported in April, about one-third of the $131 million that […]

This article originally appeared on The Real Deal. Click here to read the full story.