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His Partner Died Months After Launch. Going It Solo, He Knew He Was an Entrepreneur Josh Schuster lost his mentor and co-founder just two months into their partnership, but the lessons he learned from the man gave him the confidence he needed to start his own business.

Manhattan is home to commercial real estate dynasties that have built generations of wealth. Thirty-six-year-old...
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Brooklyn’s inventory balloon

New residential projects are coming online fast and furious, but some have expressed concern When...
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Point of Interest: Downtown office buildings to be leveled for housing

777 and 733 Summer St.: With a booming demand for housing in the city met...
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Here’s what the Brooklyn luxury market looked like last week

Contracts were worth about $47M overall The Brooklyn luxury market picked up slightly last week...
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The women architects building a new NYC skyline

If she builds it… Architecture in New York was once a boys club. Fortunately, women...
Silverback Press Report 2016
1 10.03.14 New York Times Luxury Condos: Dialing It Down READ ARTICLE
2 5.20.15 New York Times The Lower East Side Goes From Gritty to Glossy READ ARTICLE
3 04.7.14 Real Estate Weekly Go-getter Josh Schuster building his own real estate legacy READ ARTICLE
4 9.25.15 Real Estate Weekly Thinking small earns big dividends for Schuster READ ARTICLE
5 04.6.16 The Real Deal DHA Capital eyes $127M sellout at 75 Kenmare READ ARTICLE
6 01.23.15 Wall Street Journal Manhattan’s University Place Area Graduates to Luxury Residences READ ARTICLE
Silverback Press Report 2017
1 12.29.17 Crain's New York Development firm partners with landowner on $100M Gramercy condo project READ NOW
2 12.5.17 The Real Deal Silverback Development plans
65-unit Gramercy condo
3 11.28.17 Curbed New Gramercy condo will bring
65 apartments to Second Avenue
4 11.21.17 Bisnow Silverback Development To
Build $100M Gramercy Park Condos
5 11.14.17 Multi-Housing News JV to Bring Luxury Condos
to Manhattan’s Gramercy Park
6 11.13.17 Real Estate Weekly Silverback JV to build $100M Gramercy condo project at 351-359 2nd Avenue READ NOW
7 11.10.17 Construction Dive Silverback plans $100M luxury condo project in Manhattan's Gramercy Park READ NOW
8 11.08.17 Real Estate Finance and Investment Silverback preps Gramercy
luxury condo project
9 11.08.17 The Real Deal JPMorgan Chase partners with Josh Schuster to
reposition 525 Broadway
10 11.07.2017 New York Yimby Office Conversion Filed For 27-Story, 45,000-Square-Foot Student Dorm At 67 Livingston Street, Brooklyn Heights READ NOW
11 11.07.2017 The Real Deal Josh Schuster’s Silverback to lead conversion
of Brooklyn Heights dorm
12 11.06.2017 Curbed Former Jehovah’s Witnesses building
in Brooklyn Heights will go condo
13 11.06.2017 Bisnow Silverback Plans 29-Story Brooklyn
Heights Condo Building
14 11.01.2017 Bklyner New Condos Slated For Former
Brooklyn Heights Dormitory
15 10.25.2015 Multi-Housing News Silverback Condo Conversion a Tall
Order in Brooklyn
16 09.07.2017 Real Estate Weekly Brooklyn Heights condo
17 09.01.2017 Commercial Property Executive Bringing Creativity to CRE READ NOW
18 08.10.2017 Bisnow What Is Midtown South? An Attitude, Not
A Geography, Developer Says
19 08.09.2017 Real Estate Finance and Investment Silverback sees New York metro opps READ NOW
20 07.28.2017 ReBusiness Online Despite Challenges, Connecticut’s Fairfield County Office Market Shows Improvement Potential READ NOW
21 07.20.2017 Bisnow Developers Dish On The 2 Banks Doing The Most Construction Deals In New York READ NOW
22 06.23.2017 The Real Deal A heavy bar to raise on
construction safety
23 06.19.2017 Commerciial Observer After Shock: How Brexit and Trump Have Impacted Commercial Real Estate READ NOW
24 06.08.2017 Multi-Housing News Harris Leads Apartment Design Discussion at MHN-CPE Awards Party READ NOW
25 06.02.2017 Real Estate Forum 50 Under 40 READ NOW
26 06.01.2017 Bisnow Commercial Real Estate Investors Are Banking On A Fed Rate Hike — Just Not This Month READ NOW
27 05.31.2017 Commercial Observer Silverback Development Nabs $43M Construction Loan for Brooklyn Heights Condo Conversion READ NOW
28 05.31.2017 Commercial Property Executive From Prophecy to Reality READ NOW
29 05.30.2017 Curbed Brooklyn Heights’s soon-to-be tallest condo unveils teaser site READ NOW
30 05.05.17 CityBizList Silverback Development Announces Launch of Teaser Site for 67 Livingston READ NOW
31 03.28.2017 Connect Media Condominium Conversion Gets
$43M Construction Loan
32 03.23.2017 ReBusiness Online Silverback Development Secures $43.1M in Construction Financing for Condo Conversion in Brooklyn READ NOW
33 03.16.2017 Real Estate Finance and Investment Silverback lines up Brooklyn construction loan READ NOW
34 03.16.2017 Profile NYC Silverback Development Launches Teaser Website For 67 Livingston in Brooklyn Heights READ NOW
35 03.13.2017 CityReality New Brooklyn Heights Condos at 67
Livingston Set for 2018 Delivery
36 03.10.17 Commercial Observer Silverback Development Founder Josh Schuster Talks Financing and What Makes Him Tick READ NOW
37 03.10.2017 Bklyner 29-Story Luxury Condo Coming To
Brooklyn Heights
38 03.09.2017 The Real Deal An insider’s guide to real estate
39 03.09.2017 City Reality NYC Real Estate Experts Offer Their
2018 Predictions
Silverback Press Report 2018
1 1/3/2018 New York Real Estate Journal 2017 Year in Review - Amy Pearl, Silverback Development READ NOW
2 1/3/2018 City Realty NYC Real Estate Expert Offer Their 2018 Predictions READ NOW
3 1/9/2018 All About Miami Silverback Development Partner, Buy Fort Lauderdale Site for Luxury Rental Tower READ NOW
4 1/9/2018 The Big Bubble Miami Another Rental Tower Joins the Pack in Downtown FTL READ NOW
5 4/27/2018 South Florida Business Journal Property Where 35-Story Apartment tower Will be Built Sells for $12M READ NOW
6 1/9/2018 The Real Deal Silverback Development, Partner buy Fort Lauderdale Site for luxury Rental Tower READ NOW
7 1/11/2018 Multi-Housing News $125M Luxury Tower Coming to Ft. Lauderdale READ NOW
8 1/12/2018 Daily Business Review Developers Spend $12M on Acre for Fort Lauderdale Apartments READ NOW
9 1/16/2018 Globe St. Silverback Enters DC With Dupont Circle Deal READ NOW
10 1/18/2018 The Real Deal Zom buys land, scores construction loan for rental project in Fort Lauderdale READ NOW
11 1/18/2018 Field Condition Construction Tour: 67 Livingston READ NOW
12 2/1/2018 Tulane University Real Estate in Real Time READ NOW
13 2/16/2018 New York Times In New York, a View of Even a Small Park Adds Value READ NOW
14 2/28/2018 Real Estate Finance and Investment Silverback JV Maps Out Fort Lauderdale Resi Development READ NOW
15 3/5/2018 Boca Newspaper Boca’s Family-Run Bicol Clinic Foundation To Expand Global Reach READ NOW
16 3/6/2018 Curbed New NYC Apartments Hitting the Market: Spring 2018 READ NOW
17 3/30/2018 South Florida Business Journal Development loan obtained for Fort Lauderdale apartment tower, foreclosure withdrawn READ NOW
18 4/2/2018 City Realty See Panoramic City Views from 67 Livingston Street READ NOW
19 4/9/2018 Mann Report RXR Development Associate Louis Baugier Launches Surecave READ NOW
20 4/9/2018 DisruptCRE Surecave: Commercial Landlord and Tenant App Raises $1M READ NOW
21 4/20/2018 Curbed Rare ground-up rental in Hudson Heights will create 100 apartments READ NOW
22 4/23/2018 YIMBY Exclusive Rendering Revealed For 212 Wadsworth Avenue, Upper Manhattan READ NOW
23 4/24/2018 City Realty Silverback Development and Caerus Group to Build 100-Unit Rental in Upper Manhattan READ NOW
24 4/27/2018 Globe St. Silverback And Caerus To Develop Upper Manhattan Multifamily Project READ NOW
25 4/27/2018 Connect Media Silverback, Caerus Will Bring High-Rise to Emerging Uptown Neighborhood READ NOW
26 5/15/2018 New York Real Estate Journal Goldflam of Highcap Group arranges joint venture for Caerus Group and Silverback Development READ NOW
27 5/23/2018 Curbed Brooklyn Heights’s tallest condo launches sales from $2.4M READ NOW
28 5/25/2018 City Realty 67 Livingston Street, Brooklyn Heights' Tallest Condo, Launches Sales READ NOW
30 6/1/2018 Real Estate Weekly Tall Order in Brooklyn Heights READ NOW
31 7/18/2018 Connect Media Silverback Brings in Construction Management Veteran READ NOW
32 7/23/2018 City Realty 10 Brooklyn Apartments with Picturesque Harbor and Skyline Views READ NOW
33 7/25/2018 Mann Report Silverback Development Appoints Jay M. Jameson as Executive Vice President READ NOW
34 8/7/2018 New York Real Estate Journal Silverback Development hires Jameson as EVP of design and construction READ NOW
35 9/18/2018 Commercial Observer Senior Moment: The Time Is Ripe for Lending on Housing for the Aged READ NOW
36 9/27/2018 YIMBY Interiors Revealed, Sales Launch For 67 Livingston In Brooklyn Heights READ NOW
37 10/3/2018 Patch Silverback Development Buys Stamford Office Complex For $12.4MM READ NOW
38 10/3/2018 Fairfield County Business Journal Two-building Stamford office complex sells for $12.4 million READ NOW
39 10/3/2018 Commercial Record Silverback Development Acquires Office Complex in Stamford for $12.4M READ NOW
40 10/3/2018 Stamford Advocate Downtown Stamford office buildings sell for eight figures READ NOW
41 10/4/2018 Daily Voice Sold! Stamford Office Complex Acquired For $12.4M READ NOW
42 10/24/2018 New York Post - Alexa The women architects building a new NYC skyline READ NOW
43 10/29/2018 The Real Deal Here’s what the Brooklyn luxury market looked like last week READ NOW
44 12/4/2018 Stamford Advocate Downtown office buildings to be leveled for housing READ NOW
Silverback Press Report 2019
1 1.1.19 The Real Deal Brooklyn's inventory balloon READ NOW


A Grandson Wants to Do His Grandfather Proud

Josh Schuster has been inspired by his take-charge grandfather Jack Schuster, a project executive with a hard-guy reputation

Screenshot 2024-02-09 031328

Jack Schuster earned a hard-guy reputation in the 1980s and 1990s when he was a project executive for some of New York’s high-profile developers.

For example, he came off as a gruff character in “Skyscraper,” a 1990 documentary about the construction of William Zeckendorf Jr.’s Worldwide Plaza. A review of the film by the Chicago Tribune described him as “a tough, smart, profane old pro who is Zeckendorf`s project boss and tyrannizes just about everybody on the job.” With such an imposing figure as their father, perhaps it isn’t surprising that none of Mr. Schuster’s four children decided to go into real estate. They chose medicine and law instead.

Then a grandson showed interest in following in his grandfather’s footsteps. Josh Schuster, who grew up in rural Ohio, moved to New York in 2006 to embark on a real estate career. This summer, after spending five years as a principal at DHA Capital LLC, he launched his own investment firm Silverback Development with $50 million in backing from two investors.

Mr. Schuster, 32 years old, said he was inspired by his take-charge grandfather, who died in 2004 at age 78. “He was the hammer,” Mr. Schuster said.

A tall building with many windows and a sky background

The story of the Schuster family shows how interest in the family business can sometimes skip a generation. “There was a spark of my father that went directly into Josh and bypassed me,” said Josh’s father, Mitchell Schuster.

Jack Schuster grew up in Brooklyn; he worked as an engineer for the U.S. Army before making the switch to real-estate development, a rough-and-tumble business that rewarded straight talk.

“Jack was tough...but usually right,” said Jack Resnick, a retired contractor who has knew Jack Schuster for decades.

But Jack Schuster didn’t have the stomach to take on much risk personally as others of his generation did. “He was a company man,” said Mitchell Schuster. “He had a post-Depression attitude of being hired by a boss and bringing a salary home. He didn’t want to go out on his own.”

Besides Mr. Zeckendorf, Mr. Schuster also worked for storied developer Sol Atlas on One New York Plaza and Two New York Plaza, office towers in Manhattan’s Financial District built in the late 1960s and early 1970s.

Jack Schuster never formally retired from the real-estate industry and was known for his unwillingness to leave it. In 2001, after overseeing construction of Mount Sinai Medical Center, he received a letter of congratulations for “his decision to retire (again).”

The letter, which Josh Schuster has, also congratulated his grandfather for “successful campaigns of berating, humiliating, brow-beating and coercing contractors, vendors, architects, engineers and secretaries to perform to his satisfaction, using his own inimitable management style.”

Josh Schuster started developing a fondness for the real-estate industry as a boy when he spent summers in New York visiting his grandfather. As a teenager, he started accompanying him to construction sites.

A picture of an older man in a suit and tie.

“He put me to work,” Mr. Schuster said of his grandfather. “I was sweeping and picking up trash, just like everyone else there.”

Mr. Schuster considered other careers, including medicine, while attending Tulane University. After graduation, though, he settled on New York real estate and landed a position as a property manager.

In 2011, Mr. Schuster co-founded a firm with a $30,000 loan from a family friend. That firm purchased land, managed property for other landlords and renovated a 12-unit apartment building, 53 Pitt St. on the Lower East Side.

Later that year, Mr. Schuster joined development firm DHA Capital as a principal. During his time there, the firm acquired, financed and developed 10 deals totaling $650 million, including the eight-unit condo 12 E. 13th St. and the Hell’s Kitchen rental 535 W. 43rd St.

Mr. Schuster said his departure from DHA Capital was amicable and he retained stakes in previous projects and still collaborates with principal Dan Hollander. Mr. Hollander didn’t respond to requests for comment.

At Silverback, Mr. Schuster said he would focus on new construction and adaptive reuse projects in New York and transit-oriented locations across the country. He declined to identify his two investors.

“I want to contribute to the skyline like my grandfather did,” he said.