Partnership Buys Midtown Manhattan Hotel for $255M, Plans Affordable Housing Conversion

Partnership Buys Midtown Manhattan Hotel for $255M, Plans Affordable Housing Conversion

NEW YORK CITY — A partnership between local owner-operator Slate Property Group and nonprofit supportive housing developer Breaking Ground has acquired the Stewart Hotel in Midtown Manhattan for $255 million with plans to implement an affordable housing conversion. Slate will develop the project, which will convert the 611-room hotel into a 579-unit apartment complex, and Breaking Ground will own and operate the property upon completion. The 31-…

Slate, Breaking Ground Acquire Stewart Hotel; Will Become Affordable Complex

Slate Property Group and nonprofit Breaking Ground have completed the $255-million acquisition of the Stewart Hotel at 371 Seventh Ave., across from New York Penn Station in Midtown Manhattan. A hotel-to-residential conversion project to deliver 579 permanently affordable apartments will be developed and built by Slate, and upon completion will be owned and operated by Breaking Ground. Construction is set to begin late next year. Slate said that…

Slate, Breaking Ground Acquire Midtown’s Stewart Hotel for $255M

Open the article to view the coverage from Commercial Observer

Former Midtown hotel to become 579 affordable apartments

A former Midtown hotel is slated to become a permanently affordable housing building with nearly 600 units. On Monday, Slate Property Group and Breaking Ground announced the acquisition of the Stewart Hotel at 371 Seventh Avenue, which will be converted into 579 affordable apartments for low-income households and formerly homeless individuals. The purchase underscores an emerging strategy to address the city’s housing crisis by converting underu…