Slate Property Group, Avenue Realty Capital Close On 14-Story NYC Multifamily

NEW YORK CITY–Slate Property Group and KABR Group, in partnership with Avenue Realty Capital’s equity platform, have acquired 600 Columbus Avenue, a 14-story multifamily building in the heart of Manhattan’s thriving Upper West Side neighborhood.

Located one block from Central Park, the 175,500-square-foot, full-service elevator building, which spans the entire block between 89^th and 90^th Streets, currently comprises 166 apartments, 27,500 square feet of retail and 100 parking spots.

The partnership purchased the property from its original developer and owner for $120 million. The acquisition was financed in part by a $68 million loan from an affiliate of Apollo Global Management, according to a prepared release.

The partnership is planning a capital improvements program that will upgrade 600 Columbus’ apartment interiors, lobby, hallways, and other common areas. Residents will also have access to a new luxury amenity package, consisting of a refreshed roof deck, state-of-the-art fitness center and resident lounge, the release notes.

The building features six commercial spaces situated on the ground and second floors. Current retail tenants include ACE Hardware, Atmosphere Kitchen & Bath, Round Star Soccer and Columbus Pre-School.

In addition to its proximity to Central Park, 600 Columbus Avenue is near stores like Whole Foods, Trader Joe’s, Zabar’s and Westside Market and cultural institutions such as the American Museum of Natural History, Lincoln Center and the Metropolitan Opera House. It is also near Columbia University and Fordham’s Lincoln Center campus, and within a short walk of the 1, 2, 3, B, and C trains, providing connectivity to Midtown in under 15 minutes.

ARC has been an active equity investor in the multifamily and mixed-use segment of the market in New York City and the surrounding areas over the last 12 months. 600 Columbus marks the eighth investment funded by ARC during that period.

Slate and ARC have now partnered on nine residential transactions with a combined value of approximately $450 million. In 2022, the firms jointly purchased a development site at 159 Boerum Street in Brooklyn with plans to construct 161 residential units of which 30% will be affordable. In addition, the partnership recently completed and leased up Dutch House, a 186 residential unit luxury apartment building in Long Island City, Queens of which 30% of the units are affordable.

Bob Knakal’s team at JLL represented both sides of the transaction.