Slate Asset Management pays $28.3M to Rockfeld Group for 18-unit rental in East Harlem

Chicago-based Slate Asset Management through the entity SREC Third Ave Owner LLC, paid $28.3 million to Rockfeld Group through the entity Rockfeld 2283 LLC, A Delaware Limited Liability Co for the 18-unit residential elevator building (D7) at 2283 Third Avenue in East Harlem, Manhattan. The expected use is cash flowing.
Slate Asset Management financed the purchase with a $14 million loan from OakNorth Bank.

The deal closed on January 27, 2025 and was recorded on February 5, 2025. The property has 50,908 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $555 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on October 22, 2014, for $20.5 million. The signatory for Rockfeld Group was Steven Feldman. The signatory for Slate Asset Management was Brendan Shanahan. The contract date was September 23, 2024. The buyer is the former note holder, with the original loan balance of $27 million. Slate bought the note in April 2023.
Slate Asset Management is not affiliated with Manhattan-based Slate Property Group.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Slate Asset Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Rockfeld Group had not purchased any other properties and sold one property in one transaction for a total of $6.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Feldman, head officer and Joshua Salon, agent. The business entities are Salon Realty Corp and Rockfeld Group124, Llc.

The property

The residential elevator building with 18 residential units in East Harlem has 50,908 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,592 square feet. The zoning is C4-4D which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2009 and expires in 2034. The city-designated market value for the property in 2022 is $12.8 million. The most recent loan totaled $27.1 million and was provided by NLY 2019-Fl2 on August 5, 2022. The property has 18 rent regulated units according to city tax records from 2023.

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 received $1,250 in ECB penalties and $2,350 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 5, 2014. 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 five of the 18 commercial properties representing 419,927 square feet of the 496,039 square feet. The largest owner is Jonathan Rose Companies, followed by Steven Feldman and then El Barrio’S Operation Fightback.
On the tax block, there was one new building construction project filed totaling 6,250 square feet. It is a 48-unit, 6,250 square-foot residential (RES) building submitted by Jordan Wexler and filed by Jordan Wexler with plans filed May 27, 2022 and it has not been permitted yet.

The majority, or 80 percent of the 496,039 square feet of built space are elevator buildings, with walkup buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Rockfeld Group owned at least 12 commercial properties with seven residential units in New York City with 86,146 square feet and a city-determined market value of $35.6 million. (Market value is typically about 50% of actual value.) The portfolio has $92.1 million in debt, with top three lenders as Goldman Sachs, JPMorgan Chase, and Granite Point Mortgage Trust respectively. Within the portfolio, the bulk, or 40 percent of the 86,146 square feet of built space are mixed-use properties, with retail properties next occupying 32 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Brooklyn next at 41 percent of the space.

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