Slate closes on $106M multifamily building near Union Square

The firm acquired the property at 60 East 12th Street with Boston-based Alcion Ventures
By Erin Hudson | August 15, 2019 04:01PM

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.