Slate picks up West Village rental for over $1,000 a foot

Aug.August 14, 2017 06:30 PM

From left: Slate’s Martin Nussbaum, David Schwartz and 236 West 10th Street

Slate Property Group bought a 32-unit Rental Building On West 10th Street for $21 million, or $1,046 per square foot, sources told The Real Deal.

Along with the 32 residential units, the building at 236 West 10th Street has two retail units. A total of 53 percent of the units are free market, and the six-story building has 50 feet of frontage.

The Ragone family has owned the building for more the 60 years, sources said.

Slate, led by Martin Nussbaum and David Schwartz, is an active developer of rentals and condominiums, largely in Brooklyn, and an investor in rental properties, largely in Manhattan.

Since 2013, the firm has been involved in more than $1.5 billion in property acquisitions. The firm is planning to build 170 rental units at the site of a Key Food in Forest Hills in Queens. It also has a 125-unit rental in Ridgewood, and a 183-unit rental at One Flatbush in Downtown Brooklyn in the works.

Joe Koicim and Peter Von Der Ahe

Marcus & Millichap’s Joe Koicim, Peter Von Der Ahe, David Lloyd and Noah Kossoff represented the buyer and the seller.

“The buyer saw an opportunity to capitalize on a building with over 50 percent free-market units on one of the best blocks in the West Village,” said Koicim.

Representatives for Ragone and Slate were not immediately available for comment.

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