~50,000 BSF Corner Development Site

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the corner development site located at 550-554 Fourth Avenue in the Park Slope neighborhood of Brooklyn. The site allows for up to ~50,632 gross buildable SF with inclusionary housing. The irregular 60 ft x 87.87 ft site consists of five tax lots with 60 ft of frontage on Fourth Avenue and 87 ft of frontage on 15th Street. The zoning of R8A/C2-4/EC/IZ provides for a 5.4 FAR for residential or mixed use development up to a 7.2 FAR with the addition of inclusionary housing. Preliminary plans call for the development of a 56,992 Gross SF mixed-use building which consists of 42,415 of Residential, 3,204 SF of Retail and 4,341 SF of Community Facility. Current ownership will be retaining ~3,700 SF of the completed project. The retained square footage will consist of two 800 SF apartments on the third floor facing Fourth Avenue and the corner 35 ft x 60 ft ground floor retail space with a total of 2,100 SF plus basement. Rents for new construction elevator buildings in Park Slope are fetching over $60/SF. As a result, institutional investors have been buying luxury rental buildings at record pricing. The arias Park Slope, a 95 unit new construction rental building that is located on Fourth Avenue between Butler and Douglass Streets, sold for $57.5M, and 202 8th Street, a 51-unit new construction rental building that is located right off of Fourth Avenue, sold in September for over $900 per Net SF. The property is only one block from the Prospect Avenue R Subway Station and just three subway stops from Atlantic Terminal and the Barclays Center.