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New York & Tri-State  + Midtown New York  + Apartments  | 

Luxury Rentals Planned for Vacant Lot Across from Empire State Building

Slate Property Group and Pi Capital Partners formed a partnership to develop a ground-up, luxury apartment building at 335-339 Fifth Ave. in Midtown Manhattan. Located at the corner of 33rd Street and Fifth Avenue, directly across from the Empire State Building, the site will contain an 18-story building with approximately 95 rental units.

335-339 Fifth Ave. is currently a vacant lot, 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. “We look forward to owning and operating this property long-term with our outstanding partners at Pi Capital.”

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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development