Prime 4th Avenue Corner Development Site

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the corner development site located at 470 Fourth Avenue in the Park Slope neighborhood of Brooklyn. The site allows for up to ~86,052 gross buildable SF. The 120 ft x 105.75 ft corner site consists of seven tax lots and 6,672 SF of air-rights transferred from an adjacent property. The zoning of R8A/C2-4/EC provides for a 6.50 FAR for a mixed use building, of which 6.02 is Residential BSF and the balance is a mix of commercial and a small amount of Community Facility BSF. A small section of the development site is in R6B zoning. The site will be delivered vacant and unencumbered. One of the buildings has already been demolished and the remaining building demolitions have already been filed with the DOB. Residential rents for new construction elevator buildings in Park Slope are fetching over $60/SF and the lack of condo inventory in Park Slope created a surge in condo pricing over the last few months with recent pricing reaching above the $1,000/SF mark.