Slate Property Group and Adam America Real Estate scrapped plans for a new rental building in the heart of Park Slope in favor of a 44-unit condominium property, The Real Deal has learned.
The Midtown East-based developers plan to offer the condos at 251 First Street for a total sellout of nearly $86 million, according to a summary of the offering plan filed with the state Attorney General’s office and reviewed by TRD.
Located at the corner of Fourth Avenue and 1st Street, the project was previously known as 275 Fourth Avenue and was set to hold 78 high-end rental units.
Adam America, led by Dvir Cohen Hoshen and Omri Sachs, along with Silverstone Property Group, a firm started by Martin Nussbaum before he co-founded Slate, bought a former McDonald’s at 275 Fourth Avenue for $14.8 million in 2013 and subsequently filed plans for an 11-story residential building.
Updated plans filed with the Department of Buildings show the planned building’s size is unchanged, at nearly 65,000 square feet, with retail at the base.
Nussbaum told TRD that Slate would be opening a sales office and begin marketing units at 251 1st Street within three months.
Building plans show five planned condos on the second floor; six units on the third through fifth floors; five units on the sixth floor; four apartments on the seventh floor; and three on the eighth floor. There will be four apartments on the ninth floor and two apartments each on floors 10 and 11.
The project is about half a mile away from the 105-unit mixed-use building at 470 Fourth Avenue in Gowanus that Slate and Adam America are developing with Naveh Shuster Group.
Slate and Meadow Partners, along with an unidentified developer, paid $23 million for 560-570 Fulton Street, a property adjacent to their One Flatbush project. The new parcel will reportedly house condos. One Flatbush, which Slate and Meadow acquired for $59 million, will house a 16-story rental building that’s set to be completed in 2017.