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.