Adam America Real Estate Group, Martin Nussbaum’s Slate Property Group and Israel-based Naveh Shuster Limited jointly acquired a nine-building Park Slope development site for $20 million, the developers told The Real Deal.
Demolition on all properties on the 12,690-square-foot site at 470 Fourth Avenue is slated to start in the next two months. The developers plan to build a multi-family, 107,000-square-foot rental building with ground-floor retail. The structure would rise 12 to 14 stories.
The site offers nearly 80,000 buildable square feet, spanning 120 feet of frontage along Fourth Avenue and just over 100 feet on 11th Street.
“We feel strongly about gentrification on the corridor,” Nussbaum told The Real Deal. “That corridor is the only remaining one for a high-end rental product, which is very much in demand.”
Ofer Cohen, president of Brooklyn brokerage TerraCRG, had the listing. The parcel hit the market for $20 million in June and entered contract with all three partners in September, as previously reported.
Nussbaum, a founding principal at Manhattan-based Silverstone Property Group, launched Slate in November as a new real estate investment firm. He previously partnered with Adam America in acquiring the McDonald’s site at 275 Fourth Avenue for $14.8 million in July, in order to build a 75-unit rental building with 6,000 square feet of retail space, as The Real Deal reported.
Neither Dvir Cohen Hoshen of Adam America nor Dalia Shuster of Naveh Shuster Limited could be reached for comment.