Fourth Avenue
From the August issue: Fourth Avenue — a wide boulevard wending its way from downtown Brooklyn to Bay Ridge — is still a far cry from the “Park Avenue of Brooklyn” that politicians predicted during its mid-2000s rezoning.
Development on Fourth Avenue, especially the section that skirts the western edge of Park Slope, did indeed take off during the real estate boom. Pioneering condo projects in the area, like Novo and the Crest, are now sold out. But as The Real Deal and others have reported, the area saw a number of projects stall mid-construction during the downturn. Plus, the notoriously unattractive area — known for garages and empty lots — still has more auto — shops than doormen. Recently, however, brokers say demand for residential properties on Fourth Avenue has spiked, with the help of post-downturn price cuts. And even more new construction is on the way, now that the worst of the downturn appears to be over. The Marketing Directors’ Jackie Urgo, who is handling sales at the Arias at 150 Fourth Avenue, said she knows of three soon-to-be-announced projects within 10 blocks of the Arias.
