The Real Deal

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Buildings rise in South Slope

500 Fourth Avenue

Several new residential buildings are rising south of Park Slope, from 9th to 20th streets, between Fourth Avenue and Prospect Park. While construction is ongoing in the area despite the downturn, the new buildings have had to adapt to the economic climate by lowering prices, offering incentives and, in some cases, going rental. At 500 Fourth Avenue, at 12th Street, prices were adjusted by $100 to $150 a square foot last year, and the developer is offering 10 percent off asking prices for buyers who purchase a unit before the end of July. About 15 percent of the 156 units have sold. At the six-unit condo at 245 16th Street, none of the homes have sold since sales started in January. And at the planned condo 639 Fourth Avenue, at 19th Street, the 44-unit building is 75 percent occupied with renters. [Post]