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

Developers pay $25M for eight townhouses on Fourth Avenue

Jun.June 30, 2016 05:40 PM

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

Related Articles

Prince Realty Advisors founder David E. Ash and 123 Hope Street (Credit: Google Maps)

HUBBNYC buys Williamsburg mixed-use building for $84M

22 Quincy Street in Brooklyn (Credit: Google Maps)

Salvation Army rings bell on Clinton Hill warehouse sale for $29M

ART: 51 Jay Street and from left: Martin Nussbaum, Dvir Cohen and David Schwartz

Condo owners at 51 Jay sue Slate Property Group, Adam America

From left: Taconic Investment Partners' Charles Bendit,  Maddd Equities' Jorge Madruga and Slate Property Group's David Schwartz

Developers call Inwood ruling another blow in war against them

1 Flatbush Avenue and the site at 570 Fulton Street (Credit: Google Maps)

Pair of DoBro properties up for sale by Slate, Meadow Partners

Slate Property Group’s David Schwartz and 45 Rivington Street (Credit: Google Maps)

Mystery buyer snaps up controversial Rivington House for
$160 million

60 East 12th Street and Slate Property Group’s Martin Nussbaum and David Schwartz (Credit: Google Maps)

Slate closes on $106M multifamily building near Union Square

Slate Property’s Scale Lending strikes first deal for a Brooklyn resi project

Slate Property’s Scale Lending strikes first deal for a Brooklyn resi project