Slate, RWN nab $29M Murray Hill rental

Developers to hike unit count to 42 at 10-story property

New York /
Dec.December 08, 2015 12:14 PM

Slate Property Group and RWN Real Estate Partners nabbed a 40,000-square-foot rental building opposite Baruch College for $29 million, or $725 per square foot, sources said.

The buyers plan to expand the residential component from 33 apartments to 42 at the 10-story building, located at 144 East 24th Street. They will also increase the retail presence on the ground floor. The retail is currently home to Ralph’s Famous Italian Ices.

5Points Group’s Alan Miller and David Johnson, who brokered the transaction, declined to comment.

The deal fits with Slate’s ongoing strategy of investing in student-friendly Murray Hill, where they’ve developed a niche in increasing the unit count of buildings and incorporating trendy amenities, such as game consoles and shared common spaces.

Last year, the company invested nearly $10 million to renovate and rebrand seven adjacent tenement buildings on nearby East 33rd Street.

The 24th Street building had been under the same ownership since 1983, records show.


Related Articles

arrow_forward_ios
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
The New School’s Eugene Lang College at 118 West 13th Street and Martin Nussbaum and David Schwartz of Slate Property Group (TNS, Slate)
Slate snaps up New School dorm in Greenwich Village for $23M
Slate snaps up New School dorm in Greenwich Village for $23M
Davis Companies CEO Jonathan Davis and 570 Fulton Street (Davis Companies, Google Maps)
Davis Companies files plans for 45-story DoBro tower
Davis Companies files plans for 45-story DoBro tower
Slate Group's David Schwartz and 541-555 Fourth Avenue in Park Slope (Google Maps, Slate)
Slate buys out AEW, Adam America’s stake in Park Slope homeless shelter building
Slate buys out AEW, Adam America’s stake in Park Slope homeless shelter building
RiseBoro's Scott Short and Slate Property Group's John Valladares with 326 Rockaway Avenue (Google Maps)
Slate JV plans affordable housing complex in Brownsville
Slate JV plans affordable housing complex in Brownsville
Slate Property Group  principal David Schwartz and a rendering of 69-65 Yellowstone Boulevard (Slate Property Group)
Slate Property Group lands $90M loan for Forest Hills project
Slate Property Group lands $90M loan for Forest Hills project
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
arrow_forward_ios

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

Loading...