Slate Property Group and Pi Capital Partners formed a partnership to develop a ground-up, luxury apartment building at 335-339 Fifth Ave. in Midtown Manhattan. Located at the corner of 33rd Street and Fifth Avenue, directly across from the Empire State Building, the site will contain an 18-story building with approximately 95 rental units.
335-339 Fifth Ave. is currently a vacant lot, owned by the Pi family since 1997. Groundbreaking at the site is expected in mid-to-late 2026.
“As Manhattan’s housing shortage grows, Slate Property Group is leveraging decades of development expertise to deliver exceptional Class A multifamily residences,” said Martin Nussbaum, co-founder and principal of Slate Property Group. “We look forward to owning and operating this property long-term with our outstanding partners at Pi Capital.”
The developers plan to utilize New York’s 485-x tax abatement program, with 20% of the building’s units designated as affordable.
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