Slate Property Group Lands $63M Manhattan Refi
Prime Finance issued the funds.
Slate Property Group has received a $63 million refinancing from Prime Finance for a three-property, 94-unit multifamily portfolio in Manhattan’s Chelsea neighborhood. Arrow Real Estate Advisors arranged the transaction on behalf of the borrower.
The funds will retire a previous $61.3 million acquisition and renovation loan issued by Slate Asset Management in July 2022.
The portfolio comprises the 15-unit 229 W. 20th St., the 35-unit 300 W. 21st St. and the 44-unit 301 W. 22nd St., collectively known as Chelsea Crossing. According to New York City property records, Slate paid a combined $69.9 million for the assets.
Slate has since renovated the prewar buildings, with updates to interiors and common areas. Floorplans across the portfolio range from studios to three-bedroom apartments. Chelsea Crossing spans 68,139 gross square feet and is fully leased, according to the owner.
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The buildings are within a city block of one another and have access to several nearby subway lines. The A, C, E and 1 trains at 23rd Street are approximately 0.1 miles from the portfolio. Chelsea Market, the High Line and the Flatiron Building are less than a 20-minute walk away.
Arrow Real Estate Advisors’ Morris Betesh, Eliott Zeitoune, Alex Bailkin and Andrew Rosenberg represented Slate in the transaction.
Other Manhattan happenings for Slate
The refinancing of Chelsea Crossing comes as Manhattan’s multifamily fundamentals continue to show strength.
According to the most recent Yardi Matrix report Manhattan, New York City’s asking rents increased 5.6 percent year-over-year through June, and Manhattan’s trailing three-month rent growth reached 1.5 percent during the same period, 130 basis points above the U.S. rate.
This past March, Slate Property Group formed a joint venture with Avenue Realty Capital to purchase 45 White St. in the Tribeca neighborhood. The partnership paid $32 million for the 16-unit property, marking the second acquisition for the joint venture in six months.
On a larger scale, Slate and Breaking Ground acquired the former Stewart Hotel in Midtown in December 2025 as part of a $500 million affordable housing conversion. The partnership plans to transform the property into a 579-unit multifamily community.
