Photos courtesy of Slate Property Group unless otherwise noted.
A former Midtown hotel is slated to become a permanently affordable housing building with nearly 600 units. On Monday, Slate Property Group and Breaking Ground announced the acquisition of the Stewart Hotel at 371 Seventh Avenue, which will be converted into 579 affordable apartments for low-income households and formerly homeless individuals. The purchase underscores an emerging strategy to address the city’s housing crisis by converting underused hotels into affordable housing, following the opening last week of the city’s first such development at the former JFK Hilton in South Jamaica, Queens.
Located across from Penn Station, the 31-story, 611-room hotel first opened in 1929 as the Hotel Governor Clinton, named after New York state’s first governor, George Clinton, according to The Real Deal.
The building shuttered in 2022 and briefly served as a migrant center. The property includes a 100-space underground parking garage, 12,000 square feet of ground-floor retail, and 3,500 square feet of ballroom space, and sits within a few blocks of more than a dozen subway lines, multiple bus routes, the Long Island Rail Road, and NJ Transit…