Slate Property Group and Pi Capital Partners to develop 89,000 s/f building

 

 

Manhattan, NY Slate Property Group and Pi Capital Partners, a New York City real estate family office, have formed a partnership to develop a new ground-up, luxury apartment building at 335-339 Fifth Ave. in Midtown.

Located at the corner of 33^rd St. and Fifth Ave., directly across from the famed Empire State Building, preliminary plans for the 18-story, 89,000 s/f building at 335-339 Fifth Ave. include approximately 95 residential units. The rentals will range from studios to two-bedroom homes, and the tower will feature a premium amenity program and ground floor retail.

335-339 Fifth Ave. is currently a vacant lot, which has been owned by the Pi family since 1997. Groundbreaking at the site is expected in mid-to-late 2026.

“As Manhattan’s housing shortage grows, Slate Property Group is leveraging decades of development expertise to deliver exceptional Class A multifamily residences,” said Martin Nussbaum, co-founder and principal of Slate Property Group. “Every aspect of this project — from architectural design to interior finishes — is being thoughtfully crafted to create a superior living experience. We look forward to owning and operating this property long-term with our outstanding partners at Pi Capital.”

“335-339 Fifth Ave. perfectly aligns with Pi Capital’s core philosophy of creating and holding prime real estate for future generations,” said Jerry Pi, founder of Pi Capital Partners. 

“We’ve safeguarded this site for decades, waiting for the ideal moment and the right partner. Teaming up with Slate Property Group allows us to bring this vision to life with a project that reflects best in class quality and enduring value.”

The developers plan to utilize New York’s 485-x tax abatement program, with 20% of the building’s units designated as affordable.

Elsewhere in New York City, Slate Property Group and Evenhar Development Corp. recently broke ground on a transformative new ground-up medical office and community facility building at 1578 Lexington Avenue in Manhattan’s East Harlem neighborhood. In September, in partnership with Avenue Realty Capital, Slate also acquired 81 Franklin, a six-story multifamily building in the heart of Tribeca. Over the summer, Slate and RiseBoro Community Partnership celebrated the completion of a 216-unit affordable mixed-use project at 326 Rockaway Ave. in Brownsville, Brooklyn. In addition to providing 100% affordable housing, the development is an all-electric Passive House that includes a rooftop solar array to offset energy use.

Pi Capital Partners’ diversified portfolio comprises over 40 properties spanning more than half a million s/f of New York City commercial real estate. The New York City certified Minority-owned Business Enterprise focuses on prime location and long-term ownership in the core submarkets of Manhattan and Queens with signature projects including mixed-use medical and office development Flushing Professional Tower in the heart of downtown Flushing, multifamily rental developments The Elm East and The Elm West, and mixed-use commercial developments such as 86-15 Queens Blvd. and 219 Canal St.