New York
With 421a dying, apartment project financing “has come to a stop”
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Slate picks up $70M Chelsea multifamily portfolio
Property group to renovate 3 properties for 94 market-rate units
UPDATED, 3:04 p.m., July 13: Slate Property Group has purchased three multifamily properties in Chelsea.
The firm announced Tuesday it paid $70 million for 301 West 22nd Street, 300 West 21st Street and 229 West 20th Street. The seller was Zev Feldstein.
Slate plans to make changes to the lobbies, common areas and facades of the pre-war properties, which are within a city block of one another and offer a total of 94 market-rate units.
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With 421a dying, apartment project financing “has come to a stop”
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The company secured a $61.3 million loan from Slate Asset Management — no relation to the development firm founded by David Schwartz and Martin Nussbaum — for the acquisition and renovation of the properties, the Commercial Observer reported.
The deal is just Slate Property Group’s latest multifamily move. The company teamed up with Fortress Investment Group in May to buy a pair of Manhattan apartment buildings, which belonged to BlackRock under the management of Rose Associates. The $78 million purchase included an 87-unit building at 231 East 76th Street and a 63-unit rental at 340 East 52nd Street.
Slate was set to operate and renovate both buildings. Westwood Realty Associates’ Steven Vegh brokered the sale.
Martin Nussbaum, co-founder and principal of the property group, previously told The Real Deal that he expected the firm to close on $400 million worth of multifamily sales in the weeks around the June 15 expiration of the 421a tax break.
[CO] — Holden Walter-Warner