- Slate Property Group is prioritizing affordable housing through innovative approaches like hotel-to-housing conversions and mixed-use developments, including a proposed 100% affordable project near Citi Field.
- Zoning reforms like NYC’s “City of Yes” are helping, but Schwartz says they must be paired with creative financing and public-private partnerships to truly move the needle on housing shortages.
- Slate’s lending arm is filling a funding gap, issuing $1B in loans in 2024 to support developers as traditional banks pull back from construction and bridge financing.
- Community input shapes Slate’s developments, with Schwartz emphasizing collaborative solutions—like replacing supermarkets lost to new buildings—to gain local support and meet neighborhood needs.
From Wall Street to Workforce Housing
According to the Commercial Observer, David Schwartz’s path to real estate development didn’t follow the typical playbook. The Brooklyn native and son of public servants started in investment banking before launching a real estate career rooted in social impact. With the founding of Slate Property Group in 2013, Schwartz and partner Martin Nussbaum began scaling mixed-income and affordable housing developments throughout the East Coast.
Their philosophy is pragmatic: meet the housing needs of diverse communities while working within the constraints of high-cost urban markets.
Conversions, Creativity & Citi Field
Slate’s conversion of the JFK Hilton in South Jamaica, Queens into 318 units for formerly homeless residents set a precedent. The project, completed in half the time of ground-up construction, saved millions in interest and fast-tracked desperately needed housing.
Now, Schwartz is taking that model to the next level with a proposed 100% affordable component of Metropolitan Park, an $8B casino and mixed-use development near Citi Field. The venture is backed by Steve Cohen and Hard Rock International—unusual names in the affordable housing space.
“This is a working-class, immigrant neighborhood,” Schwartz said of Corona, Queens. “We’re bringing in capital that wouldn’t normally invest in this kind of housing—and making it work.”
Why Zoning Alone Isn’t Enough
Schwartz is optimistic about New York’s “City of Yes” zoning reform, which aims to ease restrictions and encourage residential development.
“I think we’ll look back on this as one of the smartest things we’ve done in housing,” Schwartz said. Still, he’s quick to caution that zoning won’t solve everything. “We need more money, and we need more creativity.”
That creativity includes building efficiencies. Schwartz says Slate keeps costs in check by integrating design and budgeting early on—often making their affordable projects indistinguishable from market-rate developments.
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Lending a Hand, Literally
With traditional lenders tightening credit, Slate’s lending division has stepped in. The firm issued $1B in loans in 2024 to help fund projects across New York, New Jersey, and South Florida.
“There’s growth and demand, and not enough supply,” Schwartz said. “We’re either building the housing ourselves or helping others do it.”
Listening to the Locals
In Forest Hills, Queens, Slate heard loud and clear that a missing supermarket—not height or affordability—was the neighborhood’s biggest concern. So they partnered with Dan’s Supreme Supermarkets to bring one back, making housing development more palatable for locals.
“We need housing, but the neighborhood needs the supermarket. We can have both,” Schwartz said. “It’s a true win-win.”
What’s Next
With a mix of in-house development, third-party lending, and a growing portfolio of adaptive reuse projects, Slate Property Group is betting big on affordable housing—while encouraging others to follow their lead.
“We’re willing to take the risk for this kind of outcome,” Schwartz said. “The country needs more housing, and we want to be part of that.”
Why It Matters
As housing costs continue to rise and demand outpaces supply, developers like Slate are pushing for scalable, inclusive solutions. From zoning reform to public-private collaboration, the tools are on the table—it’s a matter of aligning will, capital, and community support.
