Seyfarth Represents Slate Property Group in Acquisition of Midtown Hotel for $500 Million Affordable Housing Conversion

December 22, 2025 – Seyfarth Shaw LLP represented Slate Property Group in its acquisition of the Stewart Hotel in Midtown Manhattan, a property planned for conversion into affordable housing. The acquisition was completed through a joint venture with leading non-profit organization Breaking Ground.

The 31-story hotel was purchased for $255 million and will be transformed into 579 permanently affordable apartments for low-income households and formerly homeless individuals. The project is estimated to cost $500 million.

The building features 12,000 square feet of ground-floor retail, a 3,500-square-foot ballroom, and a 100-space underground parking garage.

“We were proud to assist Slate and Breaking Ground in structuring and closing this transformative transaction,” said Jay Levinton, partner at Seyfarth and lead attorney on the deal. “This project demonstrates how innovative partnerships can address critical housing needs in one of the most challenging markets in the country.”

The Seyfarth deal team also included associate Michael Parachini.

About Seyfarth Real Estate

Seyfarth is home to a world-class real estate team that serves sophisticated clients across a number of industries. Recognized as one of the largest real estate practices in the US, we have experts in each of the largest money center markets across the country. We leverage our size and depth to partner with clients and to invest in material enhancements in how commercial real estate law is practiced.

About Seyfarth

With more than 975 lawyers across 17 offices, Seyfarth Shaw LLP provides top tier advisory, litigation, and transactional legal services to clients worldwide.