Slate Property Group and Avenue Realty Capital have acquired a multifamily rental building at 45 White St. in the Tribeca neighborhood of Lower Manhattan. The partners purchased the seven-story property from Benchmark Real Estate Group for $32 million, according to the firms. White Oak Real Estate Capital provided financing for the acquisition.
The building at 45 White St. totals 33,500 gross square feet and is configured with 16 residential units. The apartments range from one-bedroom to four-bedroom layouts, positioning the asset to serve a mix of household sizes within a single property. The property is fully residential, with no additional uses described.
Unit interiors at 45 White St. are described as high-end, featuring high ceilings, oversized windows and central air conditioning throughout. The partnership highlighted these features as consistent across the building’s residential inventory, emphasizing a quality-level intended to align with tenant expectations in Tribeca.
In a statement, Brian Vetter, chief investment officer at Slate Property Group, noted that the market for properties comparable to 45 White St. is highly competitive in prime, supply-constrained neighborhoods such as Tribeca. He characterized the asset as having enduring architectural character and indicated that the partnership focused on differentiating itself through credibility, creativity and expertise in handling complex situations.
On the transaction side, building ownership was represented by Guthrie Garvin of JLL. The buyer partnership of Slate Property Group and Avenue Realty Capital handled its representation in-house, with no third-party brokerage identified for the acquiring entities. No additional transaction terms beyond the purchase price and lender name were disclosed.
The acquisition adds a boutique-scale multifamily asset in a core Lower Manhattan neighborhood to the buyers’ portfolios. While specific business plan details were not provided, the combination of location, scale and unit finishes underpins the partnership’s view of the property as a long-term quality holding in Tribeca’s constrained rental market.
