Slate draws up plan for rental, condos in East Williamsburg

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

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.


Related Articles

arrow_forward_ios
Slate Property Group's Martin Nussbaum with 231 East 76th Street and 340 East 52nd Street  (Google Maps, Slate Property Group)
Slate, Fortress score $78M Manhattan multifamily portfolio
Slate, Fortress score $78M Manhattan multifamily portfolio
Renderings of 555 Broadway in Williamsburg and Slate’s Martin Nussbaum (ODA Architecture, Slate)
Slate lends $137M on W’burg rental development
Slate lends $137M on W’burg rental development
Clockwise: 138 Bruckner Boulevard in the Bronx, 305 East 61st Street, 161 Lexington Avenue and 539 West 54th Street (Google Maps)
Dozen deals spell big week for Manhattan investment sales
Dozen deals spell big week for Manhattan investment sales
Render of 240 Willoughby Street & Martin Nussbaum, co-founder and principal of Slate Property (Slate Property Group)
Slate lends Rabsky $72M for Fort Greene multifamily project
Slate lends Rabsky $72M for Fort Greene multifamily project
Hudson Companies files mixed-use plans in East Williamsburg
Hudson Companies files mixed-use plans in East Williamsburg
Hudson Companies files mixed-use plans in East Williamsburg
Slate Property Group principal Martin Nussbaum and 210 Clarkson Avenue (Slate, RIPCO)
K2 Real Estate nabs $68M to kick off Prospect-Lefferts Gardens resi project
K2 Real Estate nabs $68M to kick off Prospect-Lefferts Gardens resi project
Scale’s $48M loan kicks off first phase of New Rochelle project
Scale’s $48M loan kicks off first phase of New Rochelle project
Scale’s $48M loan kicks off first phase of New Rochelle project
Bronx Section 8 housing, West Village dorm top mid-market sales
Bronx Section 8 housing, West Village dorm top mid-market sales
Bronx Section 8 housing, West Village dorm top mid-market sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...