Slate Property Group pays $30M for 11-unit rental in Tribeca

Slate Property Group through the entity 81 Franklin Street Owner LLC paid $30 million to Francis Moezinia through the entity 355 E 173rd Street Owner LLC for the 11-unit residential elevator building (D7) at 81-83 Franklin Street in Tribeca, Manhattan. The expected use is cash flowing.
The deal closed on September 26, 2025 and was recorded on October 6, 2025. The property has 25,738 square feet of built space and 2,638 square feet of additional air rights for a total buildable of 28,366 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,165 and the price per buildable square foot is $1,057 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 signatory for Francis Moezinia was Francis Moezinia. The signatory for Slate Property Group was Martin Nussbaum . The contract date was June 25, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Slate Property Group purchased five properties in four transactions for a total of $207 million and sold six properties in five transactions for a total of $64.2 million over the past 24 months.
The seller Francis Moezinia had not purchased any other properties and sold one property in one transaction for a total of $7.8 million over the same time period. The 25,738-square-foot property generated revenue of $1.7 million or $67 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 11 residential units in Tribeca has 25,738 square feet of built space and 2,638 square feet of additional air rights for a total buildable of 28,366 square feet according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 100 feet deep with a total lot size of 4,712 square feet. The lot is irregular. 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 $9.3 million. Safra National Bank on February 6, 2024 bought a loan with an original principal of from signed by Francis Moezinia, secured by 81-83 Franklin Street, when owned by Francis Moezinia.

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 July 30, 2012. 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 four of the 21 commercial properties representing 56,699 square feet of the 291,953 square feet. The largest owner is Rex Properties, followed by Alchemy Ventures and then Asg Equities.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 291,953 square feet of built space are mixed-use buildings, with office buildings next occupying 22 percent of the space.

The buyer

The PincusCo database currently indicates that Slate Property Group owned at least 67 commercial properties with 3,507 residential units in New York City with 3,483,935 square feet and a city-determined market value of $845.6 million. (Market value is typically about 50% of actual value.) The portfolio has $1.6 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 73 percent of the 3,483,935 square feet of built space are elevator properties, with hotel properties next occupying 12 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Queens next at 26 percent of the space.

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