NEW YORK CITY-Slate Property Group, Adam America Real Estate and Naveh Shuster Ltd. have entered a partnership and closed on their $20 million purchase of a development site at 470 4th Ave. in the Park Slope neighborhood of Brooklyn. The partnership will complete the ground-up development of a luxury multifamily and mixed-use 107,000-square-foot building at this location. Fourth Eleventh Development was the seller. TerraCRG was the sole broker on the transaction.
The group also owns a 76,000-square-foot site in the neighborhood—just 10 blocks away—that is slated to become a high-end multifamily and mixed-use development. The latest acquisition gives Slate and its partners the chance to continue to fill a void in the Park Slope marketplace, which has lacked a volume of high-end multifamily residential properties—despite being named as one of the best places to live in the United States due to its unique cultural offerings, historical charm and proximity to Manhattan.
Principal and founder of Slate Martin Nussbaum notes, “We see a unique opportunity to bring luxury amenities to Park Slope while emphasizing the local aesthetic and staying true to the neighborhood's culture throughout the design of this property.” In addition to spacious apartments, luxury amenities and retail space, the development will feature a state-of-the-art facility that will be open to the Park Slope community.
The development site is just one block from the neighborhood's primary transportation hub and is within walking distance to Prospect Park, Barclays Center and Park Slope's retail corridors.
Dvir Cohen Hoshen, a principal of Adam America Real Estate, adds, “We strongly believe in the 4th Avenue corridor and would like to create location-specific developments, which will compliment a broader move to beautify and improve 4th Avenue.”
Other parties to the deal talked about future plans for Fourth avenue and beyond. “We are excited to continue our investment expansion in the United States and are aggressively pursuing other transactions in the Brooklyn and Manhattan submarkets,” reveals Dalia Shuster, CEO of Israel-based Naveh Shuster.
Adds TerraCRG founder and president Ofer Cohen, “With the rental market continuing to be strong and with tight inventory of rental and condo units in the Park Slope area, developers are continuing to see Fourth avenue as a robust market. Values of residential development sites in Park Slope have doubled in just two short years.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
