Stewart Hotel Affordable Housing Conversion
Sector: Hotel • Location: New York, United States
Source: The Business Journals
Slate Property Group and Breaking Ground purchased the Stewart Hotel near Penn Station in Midtown Manhattan for $255 million. They plan to convert the hotel into 575 permanently affordable apartments with monthly rents ranging from $1,385 to $1,731. The total development costs, including acquisition, are estimated at $500 million. Construction is expected to begin in late 2027 and take about 24 mo
- Status
- Prospective
- Sector
- Hotel, Residential, Manufacturing (Industrial), Commercial
- Location
- New York, United States of America
- Updated
- 22 Jul 2026
- Source
- The Business Journals
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Project Information
Participants
| Not available for this record. |
Status
Original status | planned |
Taiyo status | Prospective |
Taiyo last update | 2026-07-22 |
Contact
| Not available for this record. |
Description
Description | Slate Property Group and Breaking Ground purchased the Stewart Hotel near Penn Station in Midtown Manhattan for $255 million. They plan to convert the hotel into 575 permanently affordable apartments with monthly rents ranging from $1,385 to $1,731. The total development costs, including acquisition, are estimated at $500 million. Construction is expected to begin in late 2027 and take about 24 months to complete. The project is supported by New York State’s Housing Our Neighbors With Dignity Act and the Department of Social Services’ NYC 15/15 Supportive Housing Initiative. Wells Fargo and JPMorgan Chase provided financing for the acquisition. Breaking Ground will operate the apartment building after completion. |
Original sector | Built Sector |
Budget |
Location
Country | United States of America (USA) |
State | New York |
City | New York |
Source
Source | The Business Journals |
URL |
More Details
Record type | Project |
Sector | Hotel, Residential, Manufacturing (Industrial), Commercial |
Article published date | 2025-12-25 |
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