Slate Property Group, Avenue Realty Capital and SD Builders and Construction have topped out 159 Boerum St., a 19-story, 162-unit multifamily building in the East Williamsburg neighborhood of Brooklyn. The project is expected to be completed in summer 2025.
In the first half of this month, crews poured the final floor of the 116,000-square-foot property that now stands 216-ft. tall at its roof line. The milestone was marked with a ceremony on the 16th floor of the property, which will include 49 affordable apartments and be one of the tallest buildings in the area.
Aufgang Architects, a Suffern, N.Y.-based architecture firm, designed the building, which is located between Graham Ave. and Humboldt Street. Slate and Aufgang also worked together on 222 Johnson Ave., a seven-story, 116-unit ground-up building developed in the same neighborhood. Completed in 2020, 222 Johnson Ave. has 35 affordable apartments.
The building’s design includes setbacks above the 12th and 16th floors. The space will feature large outdoor terraces. Other amenities include a fitness center, roof deck, parking garage and bicycle storage. The site is three blocks from the Montrose Avenue subway station, where residents can catch the L train.
Slate Property Group and ARC secured a $55 million construction loan from White Oak Real Estate Capital in late December 2022, according to Yardi Matrix data.
Spate of activity for Slate
Earlier this year, Slate and Avenue, in partnership with KABR Group, purchased 600 Columbus Ave., a 166-unit mixed-use property on Manhattan’s Upper West Side, for $120 million. At the time, it was the largest single New York City multifamily acquisition of the year. The partnership acquired the 14-story, 175,000-square-foot building from its original developer and owner, Columbus Townhouse Associates, in June. Located one block from Central Park, the building features 27,500 square feet of retail space.
Slate and ARC have partnered on numerous New York City-area residential transactions with a combined value of at least $450 million. In addition to 600 Columbus in Manhattan and 159 Boerum St. in Brooklyn, the partnership also completed and leased up Dutch House, a 186-unit luxury apartment building in Long Island City, Queens, which is 30 percent affordable.
In July, Slate acquired the 296-unit Queenswood Apartments community in Queens’ Corona neighborhood from Brookfield Properties, with plans to extend affordability for residents at the two-building site at 54-09 100th St. and 54-39 100th St. The price was not disclosed, but Slate plans to make major improvements to the buildings.
A month earlier in June, Slate and Riseboro Community Partnership broke ground on 326 Rockaway Ave., a 216-unit affordable housing community in Brooklyn that will designate 85 affordable units for residents earning below 60 percent of the Area Median Income and 30 supportive units for homeless young adults.
