Slate, Avenue Realty Capital Buy Tribeca Multifamily Building for $32M

Slate Property Group and Avenue Realty Capital have partnered again, this time to acquire 45 White Street, a 16-unit multifamily rental property in Manhattan’s Tribeca neighborhood, Commercial Observer has learned. 

The partners purchased 45 White Street from Benchmark Real Estate Group for $32 million. The acquisition was financed by White Oak Real Estate Capital. 

“Backing best-in-class operators and capital allocators like Slate and Avenue Realty Capital in New York City’s best neighborhoods continues to be a compelling opportunity for us,” Eric Tanjeloff, managing principal of White Oak Real Estate Capital, said in a statement announcing the purchase. “This is our second time working with this partnership on a financing in Tribeca, and we look forward to growing the relationship further.”

Benchmark did not immediately respond to a request for comment. The seller was represented by Guthrie Garvin of JLL. Garvin did not immediately respond to a request for comment. 

Units in the seven-story building range from one to four bedrooms, and the entire property spans 33,500 square feet. 

“45 White represents exactly the kind of opportunity we seek — an exceptional asset with enduring architectural character that was secured by differentiating our partnership with credibility, creativity and expertise in navigating complex situations,” Brian Vetter, chief investment officer at Slate, said in the statement. “We’re thrilled to team up with Avenue Realty Capital again to strengthen our distinguished portfolio and to continue growing our holdings in Tribeca.”

Slate and Avenue also partnered together on another Tribeca acquisition, paying $30 million to the entity Franklin 81 Holdings for 81 Franklin Street, an 11-unit, loft-style property, CO reported in September. The property at 81 Franklin Street is just a block south of 45 White Street. 

“Tribeca has long demonstrated the kind of durability we look for in residential real estate,” Udi Kore, managing principal at Avenue Realty Capital, said in a statement. “Periods when capital is cautious often create opportunities to acquire assets of lasting quality in exceptional locations. We believe the long-term fundamentals of New York housing remain compelling, and investments like this position us well for the next chapter of the cycle.” 

Slate and Avenue have also partnered on the Katharine at 118 West 13th Street in Greenwich Village, and 600 Columbus Avenue on the Upper West Side. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.