Slate Property Group Leases 52 William Street to Homeless Services Nonprofit
By Mark Hallum April 13, 2026 3:24 pm
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Slate Property Group has found a tenant for a former Financial District hotel it bought in 2024.
Highland Park Community Development Corporation, a nonprofit serving people at risk of homelessness, leased the 119,467-square-foot building at 52 William Street, according to property records made public Friday. The new deal possibly extends the hotel’s tenure as a shelter.
The former Radisson Hotel New York Wall Street has 289 rooms and was used as a migrant shelter under the administration of former Mayor Eric Adams in 2023. Slate’s David Schwartz and Martin Nussbaum bought the turn-of-the-20th-century tower at the corner of William and Pine streets for $95 million in 2024.
Slate and Highland Park did not immediately respond to requests for comment.
The 20-story building’s status as an investment is questionable, considering Sam Chang’s McSam Hotel Group broke even on the sale to Slate after having bought it in 2017 for $95 million and leasing it out as a homeless shelter in 2020.
At the time Chang acquired the building, it operated under the Club Quarters Hotels brand Chang said the hotel brought in “steady cash flow,” Commercial Observer reported.
The lease seems like an unusual move for Slate, which generally builds and manages affordable housing directly. Slate has worked on projects such as hotel conversions into permanent housing, and it partnered with Steve Cohen and Hard Rock International last April as an affordable housing partner in the development of the Metropolitan Park casino near Citi Field.
The lease also comes as homelessness continues on a steady rise, with those registered in New York City shelters numbering around 101,978, according to Coalition for the Homeless. Plus, there were around 350,000 estimated street homeless in New York City in October 2025.
In March, Mayor Zohran Mamdani announced his administration would close and relocate 250 residents of the famed 30th Street Shelter at 400 East 30th Street in Kips Bay, diverting them to other shelters around the city.
Mark Hallum can be reached at mhallum@commercialobserver.com.
