Slate finally chalks up Chelsea buy with $17M purchase

Firm acquires adjacent sites on West 21st after eyeing properties in area “for some time”

Mar.March 19, 2014 02:30 PM

Martin Nussbaum’s Slate Property Group picked up a pair of five-story rental properties in Chelsea for a combined $16.8 million, the developer told The Real Deal.

The adjacent walk-up properties at 222-224 West 21st Street between Seventh and Eighth avenues collectively hold 23 units. Prices range from $2,400 per month for a studio apartment to $5,000 per month for a four-bedroom. Together, the buildings cover 20,120 square feet and 46 feet of frontage along 21st Street.

“We had been trying to find buildings to buy in Chelsea for some time,” Nussbaum said, “before this opportunity came along.”

Brock Emmetsberger, vice president of sales at Massey Knakal Realty Services, had the listing. He could not be reached for comment. The seller was not disclosed.

Nussbaum said he is currently eyeing two other buildings in Chelsea. This deal marks the first Chelsea acquisition of Slate, which Nussbaum formed in November as a spinoff from Silverstone Property Group, as The Real Deal reported. The firm merged last month with DJS Real Estate Development, headed up by David Schwartz, also a co-founder of Silverstone. Like Silverstone, Slate focuses on multi-family rental and mixed-use buildings in Manhattan and Brooklyn.

Slate partnered with Adam America Real Estate Group and Israel-based Naveh Shuster Limited last month to jointly acquire a nine-building Park Slope development site at 470 Fourth Avenue for $20 million, as The Real Deal reported.

Related Articles

From left: Daniel Shirazi, and Robert Khodadadian, with 530 West 25th Street

Feil Organization buys Chelsea office building for $72M

Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Jason Lee and a rendering of 517-523 West 29th Street

Developer Jason Lee accused of defrauding investors at High Line condo project

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

206 West 17th Street, 116 7th Avenue, and Extell Development’s Gary Barnett (Credit: Google Maps)

What rich people in NYC will pay to keep their view: TRD analysis

Extell Development's Gary Barnett (Credit: Getty Images and iStock)

Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower

Dream Hotel Group's Sant Singh Chatwal (left) and Charles Holzer (right) and 355 West 16th Street (Credit: Getty Images and Google Maps)

Land under Dream Downtown hotel sells
for $175M

From left: Jamestown’s Michael Phillips with the Milk Building at 450 West 15th Street and Google’s Sundar Pichai with the Chelsea Market building at 75 Ninth Avenue (Credit: Google Maps; Phillips via CoStar; and Pichai via Getty)

Google scoops up another Jamestown property in Chelsea for $600M