Slate draws up plan for rental, condos in East Williamsburg

Martin Nussbaum, David Schwartz pay $21M for pair of development sites

TRD New York /
Sep.September 29, 2014 01:25 PM

Midtown development firm Slate Property Group paid $21 million for a pair of East Williamsburg development sites on which it plans to construct both a condominium building and a rental building, The Real Deal has learned. 

The $45 million project at 66 Ainslie Street, near Keap Street, includes the construction of a seven-story building with 50 rental units and 4,500 square feet of ground-floor retail space. The property will hold 23 parking spaces in an underground garage, as well as a shared roof deck and gym. The apartments will be studios and one-bedrooms.

The $20 million, five-story project at 21 Powers Street, between Union Avenue and Lorimer Street, would hold 10 condominium units with either two or three bedrooms. Apartments would average 1,425 square feet.

Slate, led by Martin Nussbaum and David Schwartz, partnered on the projects with Tavolario and Meszaros Realty Corporation, which was the previous owner. Tavolario and Meszaros left an unspecified amount of equity in the deal when Slate purchased the sites, and will maintain an ownership stake in the deal, according to a spokesperson for Slate.

The off-market deals closed last week – the Ainslie Street site for $15 million and the Powers Street site for $6 million. No brokers were involved.

The Ainslie Street site now holds a 7,500-square-foot, one-story factory, while the Powers Street property holds a 2,500-square-foot, one-story warehouse.

Earlier this month, Slate partnered with Adam America Real Estate Group and Israel-based Naveh Shuster Limited on a $65 million, 75,000-square-foot mixed-use project at 120 Union Avenue in East Williamsburg, as The Real Deal reported.

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