David Schwartz and Martin Nussbaum

With 17,000 units of housing in its portfolio and most of it designated affordable, Slate Property Group has been pulling more than its weight to alleviate the housing crisis.

David Schwartz and Martin Nussbaum started the company from scratch in 2013. Twelve years later, and it’s now a part of potentially one of the biggest developments in Queens as it teams up with New York Mets owner Steve Cohen and Hard Rock International to include affordable housing within the $8 billion project known as Metropolitan Park. Cohen and company are competing for one of up to three new downstate New York casino licenses. 

Slate’s other affordable housing concepts already have fellow developers following their playbook, which Schwartz said will put a roof over more people’s heads in less time than it would take with traditional development practices.

“Slate’s role in this world is to continue thinking outside the box, and we think other people will follow us as we do it,” Schwartz told CO in April. “We’re going to bring up ideas like converting the first hotel [an old Hilton near JFK Airport] in New York state history to 100 percent affordable. That’s a building that’s going to be opened in 18 months — half the time that it would take to build from the ground up. Do you know how much money we’re saving on that building just because we only have to pay interest for 18 months instead of 36 months?”

Slate also has a lending arm that is still deploying funds, an essential lifeline for projects that would otherwise be stalled amid many banks pulling back on financing certain types of real estate. In 2024, Slate provided $1 billion in loans throughout New York, New Jersey and South Florida.

“I think we are undersupplied in housing in these markets where people are continuing to move. There’s growth in a lot of these Eastern cities and tremendous rent growth in a lot of markets,” Schwartz said. “I think it’s going to continue going. I feel pretty optimistic about this year.”