Slate Property Group, Adam America Real Estate and AEW Capital Management, L.P. announced that they have entered into a ground lease at 535 Fourth Avenue in the Park Slope neighborhood of Brooklyn.
EW acquired the property on behalf of AEW Partners VII, L.P., the seventh in firm’s series of opportunistic real estate funds.
The three firms will partner to develop a mixed-use residential and retail property that will include 141 apartments, as well as retail and parking.
Construction is scheduled to begin in early 2015 and the property is expected to be valued at approximately $100 million upon completion.
The property marks the development team’s third acquisition in the area; they also acquired 470 Fourth Avenue and 270 Fourth Avenue and have plans to develop a total of approximately 325 residential units and 25,000 s/f of retail space on Fourth Avenue.
Aufgang Architects, who is also working on the team’s development at 470 Fourth Avenue, will be the lead architect for this project.
Slate Property Group, Adam America and AEW targeted Fourth Avenue in Park Slope for this project due to the lack of new development in the neighborhood despite its rich history, vibrant culture and proximity to Manhattan.
“This is a significant opportunity to leverage this untapped potential and create Brooklyn’s next vital, thriving neighborhood,” said the partners in a statement.
David Schwartz, principal and co-founder of Slate Property Group, noted, “This marks Slate’s third acquisition on Park Slope’s Fourth Avenue in the past 10 months. We see tremendous potential to add value to the avenue by developing unique, high-end residential properties that fill a void in the Park Slope marketplace.”
Omri Sachs, managing director of Adam America Real Estate, added, “We see untapped value in Park Slope’s Fourth Avenue and are pleased to begin another project to enhance the neighborhood’s residential stock. ”
Located at the intersection of 14th Street and Fourth Avenue in Brooklyn, 535 Fourth Avenue offers proximity to several major subway lines, including the D, F, G, N and R trains, as well as Prospect Park, Barclays Center and premier retail shopping in the surrounding Park Slope neighborhood, an emerging community with increasingly affluent residents and strong long-term growth potential.
This deal was brokered by CPEX Real Estate.
