Closed 07/11/2014

~50,000 BSF Corner Development Site

550-554 Fourth Avenue

Park Slope

Closed 07/11/2014 at

BSF 45,709
Approved Plans SF 56,992
Zoning R8A/C2-4/EC-1/IZ
Lot Size 60 ft x 87.87 ft irregular
Cross Streets Fourth Ave & 15th St Corner
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Development 550-554 Fourth Avenue, Park Slope
Ofer Cohen
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Block_Lot 1046_37,38,39,40,41
Lot SF 7,032
Residential FAR 5.40
Res. As of Right GBSF 37,974
Mixed Building FAR 6.50
Gross BSF 45,709
FAR IZ 7.20
Gross BSF IZ 50,632
Proposed Stories 11
Proposed Units 35
Proposed Above Grade Residential SF 42,415
Proposed Below Grade Residential SF 5,032
Proposed Above Grade Retail SF 3,204
Proposed Below Grade Retail SF 2,000
Proposed Community Facility SF 4,341


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.


Park Slope is a neighborhood in the western section of Brooklyn, New York City’s most populous borough. The neighborhood has come to epitomize the 21st century reinvigoration of Brooklyn. In 2011, New York Magazine ranked Park Slope as the No 1 “Most Livable Neighborhood in New York” surpassing every other neighborhood in the city for retail amenities, restaurants and nightlife, schools, safety and green space.

Prospect Park
Barclays Center
Whole Foods Supermarket
Greenwood Park

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