Alcion Ventures, Slate Offload 60 East 12th Street for $83M
The discount deal comes as the Boston-based Alcion winds down its operations
By Isabelle Durso September 30, 2026 5:06 pm
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A joint venture of Alcion Ventures and Slate Property Group is parting ways with a rental apartment building near Manhattan’s Union Square at a loss, Commercial Observer has learned.
The JV, using the entity 60 East 12th Street Owner, has sold the 133-unit 60 East 12th Street to Stonehenge Investment and Wraith Capital Group for $82.5 million, according to a source with knowledge of the deal.
The sale price is a roughly 23.3 percent discount from the $107.5 million Alcion and Slate bought the property for in an off-market deal from Heller Realty in 2019. Alcion has a 91 percent stake in the site, while Slate holds a 9 percent stake.
Built in 1962, the 13-story 60 East 12th Street has a mix of apartments ranging from studios to three-bedrooms and includes 5,100 square feet of ground-level retail space, all of which seems to be currently occupied by an attached Metropolis parking garage.
No brokers were involved in the new sale, according to the source. It’s unclear what Stonehenge and Wraith Capital are planning for the property between Broadway and Fourth Avenue, but the building will likely remain residential, as Stonehenge manages and invests in multifamily assets in New York City.
Spokespeople for Alcion, Slate, Stonehenge and Wraith Capital did not immediately respond to requests for comment.
The sale comes as Alcion winds down its operations and liquidates its assets, the source said. The Boston-based real estate private equity firm was founded in 2005 and focuses on value-add and opportunistic investments across the U.S.
Alcion has been on a selling streak of its properties in recent years, including several residential and mixed-use properties in Brooklyn. Last year, Alcion and Golub & Company also listed One East Delaware, a 37-story apartment tower in Chicago, on the market after purchasing it for $146 million in 2016, The Real Deal reported. In 2024, Alcion and Golub lost a Chicago office tower at 300 South Wacker Drive to its lender, Deutsche Bank, after buying it for $155 million in 2017.
Isabelle Durso can be reached at idurso@commercialobserver.com.
