Slate Property Group, Alcion Ventures buy 133-unit rental near Union Square for $107.5M

Slate Property Group and Alcion Ventures bought the ground lease and the underlying fee from Heller Realty for $107.5 million for the 133-unit rental building south of Union Square at 60 East 12th Street according to published reports and city records.

The purchase was executed in two transactions, the leasehold and the fee. Slate and Alcion through the entity 60 East 12th Owner LLC acquired the leasehold from Heller Realty through the entity 12 Broadway Realty LLC valued at $62.7 million. In the related transaction, the buyers paid Heller Realty’s NYRF LLC $44.8 million for the fee.

The deal closed on August 15, 2019, and was recorded on September 20, 2019. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 133 residential units. The property is 124,630 square feet.

Slate Property was in a partnership that recently sold the controversial former nursing home property at 45 Rivington Street for $159.6 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 134 residential units on September 19, 2012.
Over the past five years, there have been 10 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 10 renovation/alteration projects (A2) applied for with a total estimated value of $3,739,540.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link” A recent story on the property. link.

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