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Slate, Breaking Ground Acquire Stewart Hotel; Will Become Affordable Complex
Slate Property Group and nonprofit Breaking Ground have completed the $255-million acquisition of the Stewart Hotel at 371 Seventh Ave., across from New York Penn Station in Midtown Manhattan. A hotel-to-residential conversion project to deliver 579 permanently affordable apartments will be developed and built by Slate, and upon completion will be owned and operated by Breaking Ground.
Construction is set to begin late next year. Slate said that because the hotel’s floor layouts are compatible with residential living, interior work can begin immediately, reducing the construction timeframe to 24 months compared to 36 months for conventional ground-up construction.
“Permanently affordable housing on this scale just doesn’t happen in Midtown,” said David Schwartz, co-founder and principal of Slate Property Group. “This project combines extraordinary scale, rapid construction and long-term stewardship by a respected nonprofit. It is THE model for how New York City can break through and make a real dent in this affordability crisis.”
Opened in 1929 as the Governor Clinton Hotel, the Stewart closed in 2022.
- ◦Sale/Acquisition
- ◦Development
