Slate closes on $106M multifamily building near Union Square

The firm acquired the property at 60 East 12th Street with Boston-based Alcion Ventures

New York /
Aug.August 15, 2019 04:01 PM
60 East 12th Street and Slate Property Group’s Martin Nussbaum and David Schwartz (Credit: Google Maps)

60 East 12th Street and Slate Property Group’s Martin Nussbaum and David Schwartz (Credit: Google Maps)

Slate Property Group is still bullish on the multifamily market.

Slate has acquired a 133-unit multifamily rental building near Union Square with Boston-based real estate investment manager Alcion Ventures in an off-market deal for $106.5 million, The Real Deal has learned. The investment and development company paid the seller Heller Realty to acquire the fee interest, terminating the prior ground lease on the property.

“Slate is very excited to add another prominent property to our growing portfolio,” said Slate’s co-founder and principal Martin Nussbaum in a statement. “Union Square is a thriving area, and we see nothing but great value and even greater potential for this building to be repositioned.”

Heller bought the 13-story building at 60 East 12th Street for $35 million in 2016 from Gotham Capital. The roughly 116,000-square-foot property also includes 5,100 square feet of retail space at the ground level and an attached parking garage.

A Meridian Capital team of Helen Hwang, Karen Wiedenmann, Brian Szczapa, Ernie Nichols, and Nicholas Dailey represented Slate and Alcion.

A source close to the deal said the majority of the 133 apartments are market-rate and not subject to the state’s new rent regulations. According to StreetEasy, the building has a 24-hour doorman and the average unit’s monthly rent is $3,884.


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...