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.


Related Articles

arrow_forward_ios
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Goldman CEO David Solomon and 1 Flatbush Avenue (Credit: Michael Kovac/Getty Images; Hill West Architects)

Goldman reactivates real estate platform in NYC with big DoBro buy

Goldman reactivates real estate platform in NYC with big DoBro buy
From left: David Lichtenstein, Nathan Berman and David Schwartz

Not so fast, vultures: Multifamily among better “food groups” poised to weather pandemic

Not so fast, vultures: Multifamily among better “food groups” poised to weather pandemic
Tonight on TRD Talks: Maintaining multifamily in a tumultuous time

Tonight on TRD Talks: Maintaining multifamily in a tumultuous time

Tonight on TRD Talks: Maintaining multifamily in a tumultuous time
Prince Realty Advisors founder David E. Ash and 123 Hope Street (Credit: Google Maps)

HUBBNYC buys Williamsburg mixed-use building for $84M

HUBBNYC buys Williamsburg mixed-use building for $84M
22 Quincy Street in Brooklyn (Credit: Google Maps)

Salvation Army rings bell on Clinton Hill warehouse sale for $29M

Salvation Army rings bell on Clinton Hill warehouse sale for $29M
ART: 51 Jay Street and from left: Martin Nussbaum, Dvir Cohen and David Schwartz

Condo owners at 51 Jay sue Slate Property Group, Adam America

Condo owners at 51 Jay sue Slate Property Group, Adam America
From left: Taconic Investment Partners' Charles Bendit,  Maddd Equities' Jorge Madruga and Slate Property Group's David Schwartz

Developers call Inwood ruling another blow in war against them

Developers call Inwood ruling another blow in war against them
arrow_forward_ios

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

Loading...