The Real Deal New York

Slate sells Chelsea rental buildings to Chinese firm for $30M

Developer had bought the properties on West 21st Street for $17M in 2014

November 11, 2016 03:11PM
By Konrad Putzier

From left: David Schechtman, 222-224 West 21st Street, DAvid Schwartz, Martin Nussbaum

From left: David Schechtman, 222-224 West 21st Street, DAvid Schwartz, Martin Nussbaum

UPDATED, Nov. 16, 9:00 a.m.: Slate Property Group sold a pair of contiguous Chelsea rental buildings for $29.5 million, the firm said Friday.

The properties at 222-224 West 21st Street contain 23 apartments combined over 20,000 square feet. The buyer is an unidentified Chinese investor making its debut in New York with this purchase, sources said.

Slate TRData LogoTINY had bought the two buildings for $16.75 million in 2014 and fully renovated them. Tenant activists and local politicians accused Slate of illegally trying to evict the buildings’ rent-controlled tenants at the time. In September 2014, six remaining tenants at the buildings staged a rally against alleged “unconscionable harassment” by Slate. State Sen. Brad Hoylman and Council member Corey Johnson joined the rally, according to Chelsea Now.

Cushman & Wakefield’s Brock Emmetsberger and James Nelson brokered the sale. Meridian Capital Group’s David Schechtman, Lipa Lieberman and Abie Kassin also advised Slate. Sagewood Equity’s Jingying Wu represented the buyer.

“We think the property has long-term potential that the subsequent owner will be able to realize,” Slate’s David Schwartz said in a statement.

Slate Property Group, founded in 2013, has been actively buying up development sites in Brooklyn and Manhattan over the past years. Its biggest transaction to date is the $390 million acquisition of the RiverTower. More recently, the firm made headlines for its involvement in the purchase of the Rivington House and the ensuing political scandal.

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