CSC Real Estate signs $108M conversion loan with Slate Property Group for in Murray Hill

CSC Real Estate through the entity 300 East Holdings LLC as borrower signed a rehab construction loan with lender Slate Property Group through the entity Scale 770 2nd Ave Lender LLC valued at $108 million for the property at 300 East 42nd Street in Murray Hill, Manhattan.

In August, 2025, Alberto Smeke of CSC Real Estate  submitted a major alteration application for the conversion of six floors of a commercial office (COM) building at 300 East 42nd Street in Murray Hill, Manhattan, to 77 residential units. The plan was filed with the New York City Department of Buildings under job number M01254875. It calls for a renovation of a portion of the 17-story building. The project is described in the filing as: residential conversion of floors 6 to 9, 14, 15 of existing office and retail building.

The deal closed on April 14, 2026 and was recorded on April 21, 2026. The prior lender was Northwind Group with a loan totaling $45 million.
The signatory for CSC Real Estate was Alberto Smeke Saba . The signatory for Slate Property Group was Stephen Krasman .

Transaction Participants

Wayne S. Cook, Jr. at Windels Marx Lane & Mittendorf, LLP participated in the transaction on behalf of the lender.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 207,887 square feet of the 349,645 square feet. The identified owner is David Werner Real Estate Investments.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 349,645 square feet of built space are office buildings, with hotel buildings next occupying 41 percent of the space.

The borrower

The PincusCo database currently indicates that Csc Real Estate owned at least four commercial properties in New York City with 448,362 square feet and a city-determined market value of $189.4 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties.

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