Slate Property Group & Pi Capital Unveil 18-Story Luxury Rental Tower at 335-339 Fifth Ave. Near the Empire State Building

Key Points:

• Developers Slate Property Group and Pi Capital Partners are teaming up on an 18-story, ~89,000 sq ft luxury rental building at 335-339 Fifth Ave., Midtown Manhattan, directly across from the Empire State Building.

• The building will deliver approximately 95 residences ranging from studios to two-bedrooms, and will include ground-floor retail and a premium amenity package.

• Under New York’s tax incentive regime, the project plans to use the 485-x tax abatement program, with 20 % of units designated as affordable.

A new ground-up luxury rental project is in the works at a high-profile Midtown Manhattan location. Slate Property Group and Pi Capital Partners have submitted plans for a luxury apartment tower at 335-339 Fifth Ave., sitting directly across from the Empire State Building. For landlords, investors and brokers this signals renewed interest in premium multifamily development in core Manhattan, with implications for zoning, rents and competitive positioning. Below we’ll cover the project’s details, market context and key take-aways for CRE stakeholders.

 

Project & Site Details

• Location: Corner of 33rd Street and Fifth Avenue, Midtown Manhattan, directly across from the Empire State Building.

• Site Status: Currently a vacant lot owned by the Pi family since 1997.

• Size & Scale: Roughly 89,000 sq ft across 18 stories—roughly 95 rental units planned.

• Unit Mix & Use: Studios through two-bedrooms, high-end finishes, ground-floor retail, full amenity offering.

• Timing: Groundbreaking expected mid-to-late 2026.

• Incentives: The project will leverage the 485-x tax abatement program; 20 % of units will be affordable.

Market & Investment Implications

• Prime Location Leverage: Being across from one of New York’s most iconic towers gives the project high visibility and appeal. That benefits branding, rent-premium potential, and investor interest.

• Supply Gap & Multifamily Demand: With Manhattan’s housing shortage persisting, projects that deliver new quality rentals in Midtown are well-positioned. slate’s commentary highlights this.

• Affordability Component: The 20 % affordable unit requirement under the tax-abated structure means the owner accommodates mixed-income requirements — for landlords and brokers this means managing both market and subsidized segments.

• Competitive Redevelopment Signal: A vacant lot being mobilized at this location suggests owner-opportunity for adjacent parcels too. Landlords nearby might consider value uplift.

• Timing & Execution Risk: The project is still pre-construction and hinges on approvals, financing and market conditions. Brokers and investors should track entitlements, rising costs and absorption risk.

Strategic Considerations for Landlords & Brokers

• Tenant Mix & Amenity Expectations: With luxury rental supply hitting 95 units in a premium location, neighbouring owners should monitor how this influences amenity expectations and upgrade pressure.

• Lease-Up Velocity & Rent Premiums: The project’s success will set a bar for comparable rents in Midtown—keeping an eye on pre-lease rates will help brokers position local inventory.

• Affordable Portion Impact: The affordable units may enhance community relations and approvals, but also introduce mixed operations for property managers—landlords should plan for diverse resident profiling.

• Retail Activation: Ground-floor retail is part of the program; surrounding commercial landlords might see increased foot traffic and demand for retail space in the immediate corridor.

• Zoning & Incentives Framework: This deal underscores the value of tax abatement programs (like 485-x) in facilitating large-scale multifamily projects in Manhattan. For developers or owners considering upgrades/repurposing this is a key mechanism.

The Slate–Pi partnership’s 18-story luxury rental tower at 335-339 Fifth Ave. is a strong signal of re-investment in Midtown Manhattan’s multifamily market. For landlords, brokers and CRE investors this project stands out for its prime location, modern unit mix, incentive-backed structure, and the way it may reset competitive standards in the corridor.