New Renderings Revealed for Mixed-Use Asset at 535 Fourth Avenue
- Nov 08, 2014
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