The Real Deal New York

CGI Strategies planning 73 apartments in South Slope

California-based developer assembled site for $14.6M

September 09, 2016 02:15PM
By Rich Bockmann

609 Fourth Avenue and Gidi Cohen

609 Fourth Avenue in South Slope and Gidi Cohen

CGI Strategies in Real Estate plans to bring 73 apartments to the corner of Fourth Avenue and 18th Street in South Slope where the company assembled a handful of properties over the last year.

The California-based firm, which has an office on Madison Avenue in Midtown, is developing an 11-story, 65,339-square-foot mixed-use building with an address of 609 Fourth Avenue, according to an application filed Friday with the city Department of Buildings.

A representative for CGI was not immediately available to comment. It is not clear whether the apartments will be rentals or condominiums.

The company spent the last year assembling five properties that stretch from the corner of 18th Street north about half of the block along the avenue, property records show. The development site sits about a block and a half away from the Prospect Avenue R Train subway station.

CGI’s plans call for 4,960 square feet of retail space, a 2,360-square-foot recreation space in the cellar and parking for 37 bikes.

Issac & Stern is the architect of record.

In 2005, the city rezoned South Park Slope, allowing for greater residential density along Fourth Avenue. The area is still in transition as developers transform underutilized properties in the way they’ve done to the north of the Prospect Expressway in Park Slope, which was rezoned in 2003 and is begrudged for its non-distinct architecture.

In 2011, the city revisited the area, creating a special district that requires ground-floor retail along Fourth Avenue from Boerum Hill to South Slope.

One of the properties in CGI’s assemblage used to be home to the neighborhood bar Supercollider Lounge.