Slate Property Group has closed on two multifamily properties on the Upper East Side, one multifamily in East Harlem and one in Park Slope, Brooklyn for a collective $22.2 million with future plans both for extensive renovations at the firm’s new assets and $60 million worth of additional multifamily buys under contract, Commercial Observer has learned.
While company officials aren’t disclosing the properties that are under contract, the residential purchases at 342 East 85th Street between First and Second Avenues for $6.1 million, 1908-1910 Third Avenue between East 105th and East 106th Streets for $10 million and 457 15th Street next to Prospect Park for $6.2 million represent a step forward in the company’s business approach, said Martin Nussbaum, Slate’s principal and co-founder.
“We are excited to continue our long-term plan to acquire apartment buildings in strong locations and add to our growing portfolio of multifamily and mixed-use properties in New York City,” Mr. Nussbaum said in a prepared statement.
The company that lists 26 properties on its website will implement modernizations and facelifts at each property, Slate officials said. The company will install new countertops, appliances, bathrooms, lighting, floors and moldings at the buildings through the upgrades, according to a release on the buys.
The company plans to spend $1.7 million to create 18 luxury apartments at the six-floor, 11,500-square-foot structure on the Upper East Side, invest $2.1 million to reposition the East Harlem buildings that are collectively 19,760 square feet into a 32-unit mixed-use complex with a prime retail space and implement $1 million worth of renovations to create a 20-unit, 13,528-square-foot luxury apartment building in Park Slope, Slate officials say.
The location of the four properties sparked the company’s interest, said David Schwartz, another principal and co-founder at Slate.
“The Upper East Side, East Harlem and Park Slope neighborhoods are strong residential markets with demand for high-end apartments,” Mr. Schwartz said in a prepared statement. “We saw a value-add opportunity in these four properties and look forward to working on our business plan for these assets.”
The company bought the East Harlem and Park Slope properties off-market, while City Prime Realty arranged the Upper East Side purchase, Slate officials said.