Slate, Avenue Realty pay $32M to Benchmark for 16-unit rental in Tribeca

Slate Property Group and Avenue Realty Capital through the entity 45 White Street Owner LLC paid $32 million to Benchmark Real Estate Group through the entity 45 White Lp for the 16-unit rental building (D5) at 45 White Street in Tribeca, Manhattan.
The deal closed on March 11, 2026 and was recorded on March 24, 2026. The property has 33,500 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $955 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 July 13, 2017, for $141.5 million. The signatory for Benchmark Real Estate Group was Jordan Vogel . The signatory for Slate Property Group and Avenue Realty Capital was Martin Nussbaum . The contract date was August 22, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Slate Property Group purchased six properties in four transactions for a total of $408.9 million and sold five properties in four transactions for a total of $52.2 million over the past 24 months.
The seller Benchmark Real Estate Group purchased two properties in two transactions for a total of $109 million and sold three properties in three transactions for a total of $65.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Aaron Feldman, head officer and Jessica Mejias, agent. The business entities are Benchmark Re Group Gp Corp and 45 White Lp. The 33,500-square-foot property generated revenue of $2.5 million or $76 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on March 12, 2026 that Slate Property Group and Avenue Realty Capital paid $32 million to Benchmark Real Estate Group for 45 White Street, New York, NY. The sell-side brokers were Guthrie Garvin of JLL.

The property

The residential elevator building with 17 residential units in Tribeca has 33,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 99 feet deep with a total lot size of 4,993 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $12.9 million.

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

For the tax lot building, it received its initial certificate of occupancy on February 18, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by 45 WHITE STREET OWNER LLC to create 14 residential units and 2 commercial units in a building at 45 White Street in Tribeca, Manhattan, called 45 White Street Condominium, according to an March 13, 2026 submission to the New York State Attorney General. The principals of the sponsor, 45 WHITE STREET OWNER LLC, were Martin Nussbaum and David Schwartz.

The block

On this tax block, PincusCo has identified the owners of three of the 14 commercial properties representing 53,299 square feet of the 262,673 square feet. The largest owner is Benchmark Real Estate Group, followed by Tatar Holding and then Azure Investment Capital.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 262,673 square feet of built space are elevator buildings, with mixed-use buildings next occupying 34 percent of the space.

The seller

The PincusCo database currently indicates that Benchmark Real Estate Group owned at least 10 commercial properties with 450 residential units in New York City with 353,631 square feet and a city-determined market value of $117.3 million. (Market value is typically about 50% of actual value.) The portfolio has $157.8 million in debt, with top three lenders as Signature Bank, Flagstar Bank, and Starwood Property Trust respectively. Within the portfolio, the bulk, or 86 percent of the 353,631 square feet of built space are elevator properties, with walkup properties next occupying 9 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Slate Property Group owned at least 71 commercial properties with 4,047 residential units in New York City with 3,983,064 square feet and a city-determined market value of $954.2 million. (Market value is typically about 50% of actual value.) The portfolio has $1.7 billion in debt, with top three lenders as Mack Real Estate Group, JPMorgan Chase, and Apollo Global Management respectively. Within the portfolio, the bulk, or 64 percent of the 3,983,064 square feet of built space are elevator properties, with hotel properties next occupying 23 percent of the space. The bulk, or 63 percent of the built space, is in Manhattan, with Queens next at 23 percent of the space.
The PincusCo database currently indicates that Avenue Realty Capital owned at least one commercial property with 162 residential units in New York City with 0.0 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single industrial property.

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