The Real Deal New York

Slate, Adam America buy Park Slope site with plans for rentals

Developers pay $25M for eight townhouses on Fourth Avenue
By Mark Maurer | Twitter_logo_blue copy June 30, 2016 05:40PM

From left: Slate’s Martin Nussbaum, David Schwartz and 541 Fourth Avenue (photo: Google Maps)

From left: Slate’s Martin Nussbaum and David Schwartz (credit: Tobias Truvillion), and 541 Fourth Avenue in Park Slope (credit: Google Maps)

Slate Property Group and Adam America Real Estate picked up a Park Slope development site for north of $25 million, with plans for a ground-up, 12-story rental building, sources told The Real Deal.

The Midtown East-based developers, frequent partners on new condominium and rental properties in Brooklyn, closed Thursday on the purchase for roughly $200 per buildable square foot. The site at 541-555 Fourth Avenue is home to eight contiguous townhouses that they plan to demolish.

The sellers, Anshel Friedman and Aaron Karpen, had already filed plans for a 12-story rental in September. The city’s Department of Buildings then approved the plans in December, allowing the project to qualify for the now-defunct 421a tax abatement.

Slate and Adam America are planning for a slightly larger building by incorporating an inclusionary housing component, sources said. The project will be a 130-unit, 120,000-square-foot rental with ground-floor retail.

Representatives for Slate declined to comment, while Adam America could not be immediately reached. It was not clear if brokers were involved.

The developers were recently thrust into the spotlight after buying the Rivington House on the Lower East Side in partnership with China Vanke from Allure Group for $116 million. The city and state are investigating the deal amid charges that Allure deceived the city by promising it would maintain the property as nursing home despite being in contract to sell it to developers.

Adam Pincus contributed reporting