Slate finally chalks up Chelsea buy with $17M purchase

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

New York /
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.


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