New Renderings Revealed for Mixed-Use Asset at 535 Fourth Avenue
- Nov 08, 2014
By Veronica Grecu, Associate Editor
In April this year an investment trio consisting of Slate Property Group, Adam America Real Estate and AEW Capital Management purchased the 99-year ground lease on a construction site located at 535 Fourth Avenue between 14th and 15th Streets in Brooklyn’s South Park Slope neighborhood.
Betting on the tremendous development opportunity in this growing sub-market that was dominated by warehouses, gas stations, auto repair shops and low-rise structures until ten years ago, the partnership revealed plans to invest $100 million in constructing a residential building that would bring 141 rental units and ground floor retail space on Fourth Avenue. “We see tremendous potential to add value to the avenue by developing unique, high-end residential properties that fill a void in the Park Slope marketplace,” said in a statement David Schwartz, principal and co-founder of Slate Property Group.
According to a news report by The Real Deal, the three firms paid roughly $10 per square foot, or around $1.18 million in annual rent, for the 118,000-square-foot property which previously had housed a car rental facility. The transaction, which was brokered by CPEX Real Estate, marked the partnership’s third acquisition on Fourth Avenue at that time—after having paid $20 million for a development site at 470 Fourth Avenue and nearly $15 million for another property at 275 Fourth Avenue.
Now, six months after the transaction, new renderings and details for the mixed-use project at 535 Fourth Avenue were recently published by the Commercial Observer. Designed by Aufgang Architects—the same architecture firm that serves as lead architect for 470 Fourth Avenue—the 130,000-square-foot building will rise 11 stories. It will include 148 rental apartments, approximately 12,500 square feet of street-level retail space, as well as a surface parking garage with 70 spaces. Construction at the site is scheduled to begin in early 2015.
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Images via PropertyShark.com and Aufgang Architects