Foundation Reacquires the Kossuth House

Silverback Development                 Kossuth Foundation

Silverback Development Enters Joint Venture with Kossuth Foundation to Restore the Kossuth House at 2001 Massachusetts Avenue


Partnership will renovate and restore property as part of Kossuth Foundation’s creation of Hungarian-American Heritage Center

 

WASHINGTON, D.C.—Silverback Development, a forward-thinking real estate organization specializing in the creation of distinctive urban properties, announced on December 8, 2017 its entry into a joint venture with the Kossuth Foundation. The joint venture has acquired and intends to restore the Kossuth House at 2001 Massachusetts Avenue NW in Washington, D.C.’s flourishing Dupont Circle neighborhood.


The property has been a focal point for the Hungarian-American Community for thirty years. The Kossuth Foundation is dedicated to maintaining and encouraging Hungarian-American culture and is the nonprofit charity which is the successor to the previous building owner, the Hungarian Reformed Federation of America. The acquisition, which marks Silverback’s entry into the D.C. market, supports the organization’s renovation and restoration plan for the two-story, 4,700-square-foot office building—long known as the Kossuth House—where it will create a world-class heritage facility known as the Hungarian-American Heritage Center. The building and the Foundation are named for Lajos Kossuth, an advocate for democracy and freedom during the 1848 Hungarian uprising against Austrian rule who is honored with a bust in the United States Capitol.


“We’re honored to play a part in preserving a significant cultural institution such as the Kossuth House, and to assist the organization in making significant upgrades to its facilities,” said Josh Schuster, managing principal of Silverback Development. “With an energetic culture, distinctive architecture and a storied history, Dupont Circle is among the most desirable neighborhoods in D.C. We couldn’t dream of a better way to enter the market.”


When the restoration of 2001 Massachusetts Avenue NW is complete, the building will bring meetings, lectures, performances and classes focused on sharing Hungarian culture to Dupont Circle, which is widely considered to be one of the most vibrant and culturally rich areas in Washington, D.C.


“We are delighted to have found a financial partner with such a strong track record and expertise, who shares our commitment to restoring the Hungarian-American Heritage Center,” said Gabor Rozsa, Chairman of the Board of the Kossuth Foundation. “We look forward to partnering with Silverback on this exciting restoration of our facility.”


Silverback oversees an active pipeline of more than $2 billion nationwide and is engaged in developing more than $470 million in new developments. These include an acquisition in Stamford, Connecticut and a joint-venture condominium development in Gramercy Park East and Brooklyn Heights in New York City. Additionally, Silverback is involved in repositioning several commercial projects including a former hospital in Queens, New York and various office buildings around New York City. Silverback’s is also working on a large multifamily development in South Florida slated for completion in 2022.


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Silverback Development
Silverback Development is a tactical and forward-thinking real estate developer, owner and investor, employing a pioneering approach to the creation of architecturally distinct properties that enrich the landscape of urban markets. Founded by next-generation industry leader Josh Schuster, the company is bolstered by an initial $50-million investment that allows for the swift execution of high-quality deals and partnerships. For more information, visit www.slvrb.com.


Kossuth Foundation
The mission of the Foundation is to foster diversity in American society and honor the presence of Hungarian Americans in it by maintaining and encouraging the language, heritage, religious traditions, and historical culture of Hungarians in America and the appreciation thereof. For more information, visit www.kossuthfoundation.org.

 

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