Slate Property Group and Breaking Ground, New York’s largest nonprofit supportive housing developer, have completed acquisition of the Stewart Hotel in Midtown Manhattan.
Slate and Breaking Ground acquired the hotel at 371 Seventh Avenue for $255 million.
The purchase is part of the firms’ plans for a hotel-to-residential conversion project that will deliver more than 575 permanently affordable apartments. The project will be developed and built by Slate, and upon completion will be owned and operated by Breaking Ground, ensuring long-term affordability under a mission-driven nonprofit.
Construction is set to begin late next year, converting the hotel into 579 homes for low-income households and formerly homeless individuals. The project brings together multiple novel financing tools, including New York State’s Housing Our Neighbors with Dignity Act (HONDA) and the Department of Social Services’ NYC 15/15 Supportive Housing Initia
