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Slate, Avenue Realty Buy Midtown East MXD

NEW YORK CITY—The joint venture plans to reposition the asset into a high-end rental property after purchasing the building's fee-simple interest, GlobeSt.com has learned EXCLUSIVELY.

By Rayna Katz | Updated on March 16, 2015

NEW YORK CITY—Slate Property Group and equity partner Avenue Realty Capital have acquired a mixed-use apartment building at 401 E. 50th St. for nearly $14 million, GlobeSt.com has learned EXCLUSIVELY. Located in the Sutton Place neighborhood of Midtown, Slate plans to reposition the building into a high-end rental property after purchasing the fee-simple interest in the 15,984-square-foot property, with 2,125 square feet of retail space.

The deal was brokered by Clint Olsen and Jonathan Hageman from Cushman & Wakefield. This is the 10th purchase made by Slate—a relatively new firm formed in December 2013—over the last year as it adds to its growing portfolio of New York buildings.

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