Slate, RiseBoro Land $163M Loan for Two Williamsburg Housing Projects
By Mark Hallum July 15, 2026 9:49 am
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Slate Property Group and RiseBoro Community Partnership have secured the financing to build 312 units of affordable housing in Williamsburg, Brooklyn.
The joint venture led by the affordable housing development firm best known for its contribution to Steve Cohen’s redevelopment of Willets Point, Queens, closed on a $162.9 million loan to build two projects at 178 Montrose Avenue and the nearby 73 Meserole Street, according to the developers.
The loan originated from J.P. Morgan Chase and was arranged by the New York City Housing Development Corporation (HDC) to facilitate the construction of 163 units at 178 Montrose and 149 units at 73 Meserole.
About 60 percent of the units will be set aside for formerly homeless individuals.
“Solving New York’s housing crisis means building affordable homes in every neighborhood, including high-cost communities where this housing is most needed but rarely built,” David Schwartz, co-founder of Slate Property Group, said in a statement. “As one of the city’s most expensive neighborhoods, Williamsburg has been out of reach for far too many working families.”
The properties were purchased from Two Trees Management for only $2, with Slate and RiseBoro agreeing to let the Jed Walentas-led firm retain the air rights, according to the buyers.
Rental rates at the development will range from $1,339 per month for a studio to $2,304 per month for a three-bedroom apartment, according to Slate and RiseBoro. Amenities will include outdoor and indoor recreation facilities, a fitness center and on-site laundry.
Social services will also be available in the building with space for administrative support for residents.
Schwartz and his co-founding partner Martin Nussbaum have launched affordable housing projects throughout the five boroughs, most notably in partnership with New York Mets owner Cohen and Hard Rock International to add 450 affordable housing units as a component to their casino development near Citi Field.
Mark Hallum can be reached at mhallum@commercialobserver.com.
