The Real Deal New York

Winds collapse part of roof at Adam America, Slate’s 535 Fourth project

The DOB has issued more than 12 serious violations at the site since 2014
April 05, 2016 11:30AM


A rendering of 535 Fourth Avenue in Park Slope (Credit: Ariel Aufgang Architects)

Strong winds Sunday knocked down part of the roof at Adam America Real Estate and Slate Property Group’s project at 535 Fourth Avenue in Park Slope.

The developers are in the process of constructing a 12-story, 148-unit building with over 108,500 square feet of residential space, according to the filing with the Department of Buildings.

David Schwartz, who runs Slate with Martin Nussbaum, said in a statement all work has temporarily stopped at the site to ensure safety.

At around 10:30 a.m., the winds made havoc with the building’s wood framing on the ninth floor, DNAinfo reported. No one was injured.

Since 2014, the Department of Buildings issued around 20 violations with around 12 class one safety violations, according to DOB records cited by the website. There is also a partial stop order at the site because “concrete work to erect columns was not compliant,” a DOB spokesperson told DNAinfo.

Interestingly, city records shows the developers on Tuesday received a $42 million construction loan from Santander Bank.

In 2014, Adam America, Slate and AEW Capital Management executed the long-term ground lease for the development site, The Real Deal reported.

Adam America and Slate often partner, and are developing a nearby 44-unit condominium project at 251 1st Street, also known as 275 Fourth Avenue.

Last month, Slate Property Group filed plans for a new 117-unit mixed-use building in East Williamsburg. The building will be a seven-story, 100,000-square-foot rental building at 198 Johnson Avenue.

The developers and China Vanke paid $116 million for 45 Rivington Street on the Lower East Side, which has stirred controversy over a deed change that cleared the path for the sale. [DNAinfo]Dusica Sue Malesevic