David Schwartz’s Slate Property Group closed on its acquisition of the Stewart Hotel in Midtown Manhattan, readying a massive hotel-to-residential conversion. Slate and its nonprofit partner Breaking Ground acquired the property at 371 Seventh Avenue for $255 million, Crain’s reported. Over the summer, The Real Deal reported that the partners were nearing a deal to grab the property from Jack Yadidi’s Sioni Group and Isaac Chetrit’s Patriarch Equities for around $275 million. Yadidi and Chetrit had envisioned a conversion of the property. Yadidi filed plans with the city last year to convert the property into a 625-unit residential project. It […]

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