David Schwartz

Slate Property Group is now among the busiest developers and real estate lenders in New York City, but when Schwartz founded it with Martin Nussbaum in 2013, they didn’t get out in front of their skis.

Focusing on multifamily, they started with 30-unit projects. Slate, which also buys and sells apartment buildings, is now developing more than $4 billion of real estate, totaling more than 4,000 units.

Schwartz’s strategy revolves around looking at demand. That philosophy has in recent years brought Slate into the business of developing affordable housing and homeless shelters, which can trigger blowback — even from locals who consider themselves progressive. That’s a pet peeve for Schwartz.

“We want to do our part to make sure New York is for everyone,” he said. “Not just for rich people.”

In December the city tapped Slate and two partners to build 625 affordable units in Inwood. Mets owner Steve Cohen brought in Slate to develop 450 as part of Cohen’s casino-based megadevelopment. Slate also plans to convert the shuttered Stewart Hotel in Midtown to affordable housing.

Another void Slate has filled is lending to projects that banks don’t understand well enough to underwrite.
The firm finances developments that traditional lenders avoid, but it is careful. “The last thing we want to do is clean up somebody else’s mess,” Schwartz said.

So far, it hasn’t had to.