Slate Picks Up Kips Bay Apartment Building for $18.5M
Lauren Elkies Schram Feb. 5, 2015, 2 p.m.
Slate Property Group along with equity partner RWN Real Estate Partners have bought 245 East 30th Street, a six-story apartment building built in 1910, from Aro Management for $18.5 million. The sale closed on Jan. 15 and was recorded with the city yesterday, property records show.
The building, which is between Second and Third Avenues, is 22,000 square feet, according to Martin Nussbaum, the founder of Slate, with 30 residential units. He said he loves the location of the building with Fairway around the corner. He added that the building is “a great addition” to the company’s portfolio, which includes the Collective, seven contiguous apartment buildings comprised of 150 units on East 33rd Street and Third Avenue.
“We own a portfolio of these kind of buildings,” Mr. Nussbaum said. “We just buy them and upgrade them and then maintain them. We buy 10 of these a year. It’s a business model we like.”
The bulk of the units are market-rate and contain two bedrooms. Ten to 12 of the apartments are vacant. “We’re just renovating the vacant apartments and all the common areas for a high-end rental apartment building,” Mr. Nussbaum said.
No one from Aro immediately respond to a request for comment.