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late Property Group has acquired the Radisson hotel at 52 William Street in Manhattan's Financial District for $95 million, a move that may signal plans to convert the property into residential units. The 20-story, 289-key hotel was previously operated by Club Quarters and later taken over by Radisson in 2019.

    Slate, led by David Schwartz and Martin Nussbaum, has traditionally focused on multifamily properties but has recently explored alternative investments, including a portfolio of homeless shelters that generated steady rent. The company's purchase of the Radisson hotel is its first foray into hospitality, although it has already demonstrated an interest in converting hotels to residential use.

    The property was previously used as a pandemic-era homeless shelter and had been at the center of controversy over housing migrant populations. Slate may be eyeing a similar strategy, given the city's plan to utilize 14,000 hotel rooms for migrant housing through 2025. Alternatively, the company could pursue a residential conversion, following its successful partnership with RiseBoro Community Partnership on a hotel-to-affordable housing project in Queens.

    Slate has already acquired two other hotels with plans for conversion: the JFK Hilton Hotel and a shuttered Hampton Inn in Lower Manhattan. The company's strategy of targeting hotels for redevelopment is driven by their potential for quicker turnaround times compared to ground-up construction, making them attractive options for residential conversions.