Slate Property Group and Avenue Realty Capital acquire 45 White St. for $32 million
Manhattan, NY Slate Property Group (Slate) in partnership with Avenue Realty Capital (ARC), has acquired 45 White St., a seven-story multifamily rental building in the Tribeca neighborhood.
The partnership purchased 45 White from Benchmark Real Estate Group for $32 million. The acquisition was financed by White Oak Real Estate Capital.
Comprising 33,500 gross s/f, 45 White features 16 residential units ranging from one- to four-bedrooms. All residences include high ceilings, oversized windows, central air conditioning and high-end finishes. Building amenities include a fitness center, children’s playroom and bicycle storage.
“The market for properties of 45 White’s caliber is extremely competitive, particularly in prime, supply-constrained neighborhoods like Tribeca,” said Brian Vetter, CIO at Slate. “45 White represents exactly the kind of opportunity we seek – an exceptional asset with enduring architectural character that was secured by differentiating our partnership with credibility, creativity and expertise in navigating complex situations. We’re thrilled to team up with Avenue Realty Capital again to strengthen our distinguished portfolio and to continue growing our holdings in Tribeca.”
“Tribeca has long demonstrated the kind of durability we look for in residential real estate. Periods when capital is cautious often create opportunities to acquire assets of lasting quality in exceptional locations. We believe the long-term fundamentals of New York housing remain compelling, and investments like this position us well for the next chapter of the cycle,” said Udi Kore, managing principal at Avenue Realty Capital.
“Backing best-in-class operators and capital allocators like Slate and Avenue Realty Capital in New York City’s best neighborhoods continues to be a compelling opportunity for us,” said Eric Tanjeloff, managing principal of White Oak Real Estate Capital, who provided the financing for the acquisition. “This is our second time working with this partnership on a financing in Tribeca and we look forward to growing the relationship further.”
Centrally located in Tribeca, 45 White offers access to New York’s dining scene and boutique shopping destinations, as well as access to Hudson River Park and the A/C/E, 1/2/3, 4/5/6 and N/Q/R/W subway lines.
45 White was originally constructed in 1868 as a commercial office building before being converted to residential use in 2009. The property is designated as part of the Tribeca East Historic District and features a cast-iron façade. The building also features two commercial spaces totaling 2,000 s/f.
The purchase follows Slate and ARC’s acquisition of 81 Franklin St. for $30 million this past fall. Located just a block away from 45 White and comprising 32,700 gross s/f, the six-story property features 11 loft-style residences with direct elevator access.
Slate and ARC have now partnered on multiple projects including The Katharine at 118 West 13th St. in Greenwich Village and 600 Columbus Avenue on the Upper West Side. ARC has been an active equity investor in the multifamily and mixed-use segment of the market in New York City and the surrounding areas over the last 15 years.
Building ownership was represented by Guthrie Garvin of JLL. The partnership of Slate and ARC was represented in-house.