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Partnership Acquires Tribeca Rentals for $32M
Slate Property Group and Avenue Realty Capital (ARC) acquired 45 White St., a seven-story multifamily rental building in Lower Manhattan’s Tribeca neighborhood. The partnership purchased 45 White from Benchmark Real Estate Group for $32 million, with financing by White Oak Real Estate Capital.
Comprising 33,500 gross square feet, 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.
“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 Property Group. “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.”
Building ownership was represented by Guthrie Garvin of JLL. The partnership of Slate and ARC was represented in-house.
- ◦Sale/Acquisition
