Slate acquires lucrative Fort Greene development site for $43M

Slate Property Group has added another Brooklyn site to its growing real estate portfolio.

Martin Nussbaum and David Schwartz’s real estate development firm acquired an addiction rehabilitation center and shelter at 62 Hanson Place and an adjacent vacant lot at 68 Hanson Place in Fort Greene for $43 million from the Salvation Army, according to property records filed Friday. Crain’s posted a notice of the deal Friday.

Slate picked up a $126 million loan from a firm connected to Bear Creek Asset Management to finance the transaction and refinance other property acquisitions in the city, Commercial Observer reported. The debt covers loans on Slate’s women’s center, Susan’s Place, at 427-429 West 52nd Street in Midtown and a Gowanus family shelter at 399 Third Avenue.

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It’s unclear what Slate’s plans are for the site, but residential development would likely be the most lucrative because it is within a five-minute walk of Atlantic Terminal, Barclays Center, Whole Foods, Target, the Brooklyn Academy of Music and Fort Greene Park. Seyfarth Shaw, the law firm who represented Slate in the deal, had yet to respond when reached for comment.

The 13-story, 57,200-square-foot building and 1,800-square-foot lot between South Elliott Place and South Portland Avenue have belonged to the Salvation Army since 1969. Both properties were up for sale last year and marketed as a development site with 64,000 square feet of air rights, according to Avison Young.

Slate’s acquisition comes as the development firm has been an active player in the multifamily market in the wake of 421a’s expiration in June.
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late purchased three multifamily properties at 301 West 22nd Street, 300 West 21st Street and 229 West 20th Street in Chelsea for $70 million in July. The company teamed up with Fortress Investment Group in May to buy a pair of Manhattan apartment buildings at 231 East 76th Street and 340 East 52nd Street for $78 million.