Slate Property Group has bought three multifamily properties in Chelsea.
The agency introduced Tuesday it paid $70 million for 301 West twenty second Street, 300 West twenty first Street and 229 West twentieth Street. The vendor was Zev Feldstein.
Slate plans to make modifications to the lobbies, widespread areas and facades of the pre-war properties, that are inside a metropolis block of each other and supply a complete of 94 market-rate models.
The firm secured a $61.3 million mortgage from Slate Asset Management — no relation to the event agency based by David Schwartz and Martin Nussbaum — for the acquisition and renovation of the properties, the Commercial Observer reported.
The deal is simply Slate Property Group’s newest multifamily transfer. The firm teamed up with Fortress Investment Group in May to purchase a pair of Manhattan condominium buildings, which belonged to BlackRock beneath the administration of Rose Associates. The $78 million buy included an 87-unit constructing at 231 East 76th Street and a 63-unit rental at 340 East 52nd Street.
Slate was set to function and renovate each buildings.
Martin Nussbaum, co-founder and principal of the property group, beforehand advised The Real Deal that he anticipated the agency to shut on $400 million value of multifamily gross sales within the weeks across the June 15 expiration of the 421a tax break.
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