By Sabina Mollot
Slate Property Group and Alcion Ventures have bought a 133-unit rental building in Union Square from Heller Realty for $106.5 million.
Completed in the 1960s, the 13-story 60 East 12th Street at the southeast corner of Broadway is mostly market rate with an average rent of $3,884 for available units.
The building has 116,294 s/f of space, including 5,100 s/f of ground-level retail space, and has an attached parking garage.
“Slate is very excited to add another prominent property to our growing portfolio,” said Slate Property Group co-founder Martin Nussbaum. “Union Square is a thriving area, and we see nothing but great value and even greater potential for this building to be repositioned.”
Alcion Ventures Co-Founding Partner Mark Potter also said the buyers were drawn to the neighborhood.
“Union Square is such a desirable location that it is extremely rare to buy a property of this size and potential,” said Potter.
Architecturally, the property stands out for having diagonally placed windows on the building’s corners.
It also has a doorman, gym that’s free for residents to use and a renovated lobby, according to apartment listings online. Additionally, it’s pet-friendly.
Meridian’s Helen Hwang, Karen Wiedenmann, Brian Szczapa, Ernie Nichols, and Nicholas Dailey represented the seller in the off-market transaction. Meridian provided investment sales and financial advisory services.