Senlac Ridge, Macklowe Secure $143M for Brooklyn Community
Sumitomo Mitsui Trust Bank provided construction financing for the Park Slope mixed-use property.
120 Fifth Ave., Brooklyn, N.Y. Image courtesy of Cushman & Wakefield
Senlac Ridge Partners and The William Macklowe Co. are planning to convert the site of a former supermarket into much-needed affordable housing in Brooklyn’s Park Slope neighborhood. The two firms landed $142.9 million in construction financing that will be used to construct its mixed-use development 120 Fifth Ave. The loan was provided by Sumitomo Mitsui Trust Bank, while Cushman & Wakefield’s Gideon Gil and Lauren Kaufman represented the borrowers.
120 Fifth Avenue will have 180 units split between two buildings. Twenty-five percent of units will be designated as affordable. The community’s amenities will include a hotel-style lobby, parking garage, fitness center, kids room, private event room, fitness center with yoga room, resident lounge, coworking areas and outdoor areas.
The mixed-use development will also include 67,000 square feet of retail space. According to Cushman & Wakefield, Lidl Supermarket and CVS Pharmacy recently signed long-term leases totaling approximately 35,000 square feet.
Located on a nearly 2-acre site in Park Slope, 120 Fifth Ave. is five blocks from the neighborhood’s main commercial corridor of Flatbush Avenue that offers many restaurant and retail options. The community will also be within walking distance to several subway stations, giving residents a roughly 10-minute commute into lower Manhattan.
Converting a supermarket into a community
Prior to Senlac Ridge and Macklowe, the site was home to a Key Food supermarket and a surface parking lot with 100 spaces. The developers acquired the site in 2020 and expect to start construction soon.
Besides 120 Fifth Ave., Senlac Ridge has several ongoing projects located throughout New York City. The firm is working on the renovation of the 1.2 million-square-foot Terminal Warehouse in Manhattan’s West Chelsea neighborhood that will convert approximately 500,000 square feet of storage space into other uses. Most of Senlac Ridge’s projects in New York City are commercial office projects, including 799 Broadway in Greenwich Village that’s being developed into a 12-story Class A office building.
