Slate Property JV Buys Manhattan Community for $32M
This is the partnership's second acquisition in Tribeca in the last six months.
A partnership between Slate Property Group and Avenue Realty Capital has purchased 45 White St., a 16-unit community in Manhattan’s Tribeca neighborhood. Benchmark Real Estate Group sold the asset for $32 million, while White Oak Real Estate Capital financed the acquisition.
JLL Managing Director Guthrie Garvin worked on behalf of the seller, while the joint venture was represented in-house.
The purchase marks the partnership’s second acquisition in Tribeca in the past six months, in what was the second largest multifamily transaction across New York City in October 2025.
The two companies paid $30 million for 81 Franklin St., a six-story property that dates back to 1915. The joint venture also secured a total of $50.1 million in financing from White Oak Real Estate Capital through one gap mortgage and a consolidated mortgage.
A 160-year-old property in Tribeca
Originally completed in 1868 as a commercial office building, the property at 45 White St. was converted for residential use in 2009. The community encloses apartments with one- to four-bedroom layouts across seven stories, as well as 2,000 square feet of retail space. Shared amenities include a fitness center, children’s playroom and bicycle storage.
Located within the Tribeca East Historic District, 45 White St. is near Hudson River Park, as well as several subway stations, on lines A/C/E, 1/2/3, 4/5/6 and N/Q/R/W.
READ ALSO: Multifamily Transaction Volume
In December 2025, Slate Property Group, together with Breaking Ground, acquired Stewart Hotel, a vacant property in Midtown Manhattan, with plans to convert it into a 579-unit multifamily community. Construction at the $500 million affordable housing project is scheduled to begin in the second half of 2026.
Manhattan’s recent multifamily investment activity
In the first 11 months of 2025, Manhattan’s multifamily sector saw 11 assets trading for a total of $1.4 billion, $500 million short of the figure recorded in the same time period in 2024, according to a Yardi Matrix report.
Since the beginning of 2026, one of the largest deals in the borough was the sale of Henry Hall, a 33-story, 225-unit luxury multifamily property in Hudson Yards, which changed hands for $129 million. Amstar Group LLC bought the asset earlier this month from a joint venture between Shorenstein Investment Advisors and Dreamscape Cos.
