As Slate Property Group cofounder and principal, Martin Nussbaum leads a New York firm that oversees property acquisition, construction, and development activities. Partnering with Bruman Realty, Martin Nussbaum’s firm in September 2021 announced the closing of a $65.9 million financing deal that will allow the construction of a multifamily residential tower at 26-25 4th Street in Astoria, Queens.
Spanning 165 units and 18-stories, the building is being constructed from the ground up and has nearly a third of the units reserved as affordable housing. The transaction is underwritten by the Slate Property Group affiliate Scale Lending. The latter company has been one of the city’s most active real estate lenders over an 18-month period, during which $1 billion has been transacted.
Situated within a vibrant waterfront neighborhood witnessing extensive redevelopment, the Astoria building will rise more than 200 feet and encompass nearly 300,000 square feet. As set out the permit application, approved in June, 38,000 square feet of this is reserved for shared community use.
Spanning 165 units and 18-stories, the building is being constructed from the ground up and has nearly a third of the units reserved as affordable housing. The transaction is underwritten by the Slate Property Group affiliate Scale Lending. The latter company has been one of the city’s most active real estate lenders over an 18-month period, during which $1 billion has been transacted.
Situated within a vibrant waterfront neighborhood witnessing extensive redevelopment, the Astoria building will rise more than 200 feet and encompass nearly 300,000 square feet. As set out the permit application, approved in June, 38,000 square feet of this is reserved for shared community use.
