NEW YORK CITY-Looking to use the strategy he's deployed for other firms for his own portfolio, real estate investor, owner and operator, Martin Nussbaum—along with several partners—has formed a new organization, Slate Property Group.
The company will focus on an array of mixed-use, multifamily, mixed-use and retail projects, as well as development opportunities throughout the New York metropolitan area, Nussbaum tells GlobeSt.com.
“The core business model I have developed over the last six years is to buy multifamily and mixed use projects, but over the last few years, I also have been buying pure retail investments,” he says. In Manhattan, he buys property primarily from 96th street down, and for development projects, he shops in Brooklyn. “I likely will continue this strategy.
“I'm very bullish on Brooklyn,” he continues, “and I like the development side because you can build assets to yields, which is very attractive. At the same time, buying mixed-use and multifamily properties in New York City provides a tremendous hedge [against economic downturns].”I want to built a portfolio that has the ability to go through multiple cycles. Combining true Manhattan locations with outer borough assets allows me to assemble a portfolio that's a hedge against market cycles."
Slate also will do some work in emerging markets, according to an announcement of the firm's launch. Nussbaum likes the upside potential of such areas, he says.
“Some of the portfolio will be in emerging markets as the appreciation and growth potential is much stronger. I've bought properties in several areas that aren't institutional quality but have become so. For example, I bought two development deals in Williamsburg, 1 warehouse conversion property in Dumbo, 1 development deal in Park Slope, and I bought one multifamily property in the Bushwick/Bedford Stuyvesant area about a year ago.”
He declines to cite specific areas he's eyeing, but notes, “I'm looking at the same sort of areas; there's room for growth in many of them.
Nussbaum, a founding partner of Silverstone Property Group, brings a track record of developing and repositioning real estate assets, often acquiring older building stock and successfully renovating these projects with modern amenities. He will continue to own and operate Silverstone assets. Two other members of Slate's executive team came from Silverstone, notes Nussbaum, though he did not provide further detail.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
