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Slate Property, Avenue Realty Capital, and KABR Buy UWS Multifamily Building for $120M
Slate Property Group, KABR Group, and Avenue Realty Capital have jointly acquired 600 Columbus Avenue, a 14-story multifamily building in Manhattan’s Upper West Side.
The property, spanning the block between 89th and 90th Streets, features 166 apartments, 27,500 square feet of retail space, and 100 parking spots. The acquisition, valued at $120 million, is the largest single multifamily purchase in New York City in 2023.
“Manhattan has exhibited strong multifamily dynamics over the past 24 months while also remaining one of the most undersupplied housing markets in the nation,” said Martin Nussbaum, principal at Slate Property Group.
A $68 million loan from an affiliate of Apollo Global Management partially financed the acquisition. The partnership plans to implement a capital improvements program to enhance the apartment interiors, lobby, hallways, and common areas. Additionally, residents will have access to upgraded amenities, including a roof deck, fitness center, and resident lounge. The transaction was facilitated by JLL, represented by Bob Knakal’s team.
