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Report: Slate Property, partner in talks for $250M NYC rental tower deal

Slate Property Group and asset manager GreenOak Real Estate are nearing a deal to acquire the 464-unit Biltmore rental tower in Midtown Manhattan, N.Y., from Jack Parker Corp., The Real Deal reported, citing unnamed sources.

The sources told the publication that the 52-story tower at 271 W. 47th St., which is part of a portfolio of seven mixed-use properties put on the block by Jack Parker earlier in 2018, could sell for more than $250 million.

Slate, which owns and operates diversified real estate properties in the New York metropolitan area, and GreenOak, which recently closed on $1.55 billion for its latest real estate fund, reportedly are planning to reposition the property.

Jack Parker's deal broker Newmark Knight Frank could not be reached for comment, while Slate, GreenOak and Jack Parker representatives were not immediately available to comment on the matter, according to the report.