Slate, GreenOak Spend $280M On Midtown Apartment Building
Slate Property Group and GreenOak Real Estate are teaming up to buy a 52-story Manhattan rental building from The Jack Parker Corp.
The deal for the building at 271 West 47th St., known as the Biltmore, closed this week, The Real Deal reports. Slate and GreenOak are paying in excess of $280M.
It is not yet clear what Slate and GreenOak plan to do with the property, but it had previously been marketed as a potential condominium conversion with a planned sellout of $473M. Another option would be repositioning the building as luxury rentals, according to TRD.
The Biltmore has 464 units, according to StreetEasy, with a previous average rental price of $3,684 per unit.
The Jack Parker Corp. has been selling properties in the city this year. As well as the Biltmore apartment building, it also agreed to sell the Parker New York Hotel to GFI Capital and Elliott Management, and the 1,327-unit Parker Towers in Queens to Blackstone. Meanwhile, Related is paying the company $250M for a 291-unit building at 34 Desbrosses St. in Tribeca.
