The Real Deal New York

Developer of controversial Park Slope luxury project agrees to concessions

Avery Hall Investments will build a larger supermarket on site of former Key Food
October 20, 2017 09:10AM

From left: Avi Fisher, Brian Ezra and a rendering of 120 5th Avenue in Brooklyn

The developers behind the project meant to replace Park Slope’s 5th Avenue Key Food have filed preliminary plans for their project with the city after agreeing to multiple concessions from the community.

Avery Hall Investments plans to construct two buildings on the site, and the developer has agreed to issue an RFP for a supermarket that is “community oriented,” offers foods at a range of prices, and sells ethnic products such as Goya foods, according to DNAinfo.

Local community groups said they wanted to make sure the supermarket replacing the Key Food will be affordable to residents of the neighborhood who had come to increasingly rely on it, especially with the closure of other grocery stores.

The supermarket will be 22,000 square feet and have a 20-year lease. The residential portion of the project will consist of 164 apartments spread across two buildings at 120 5th Avenue and 680 Baltic Street, of which 41 will be for very low, low and middle income tenants.

Avery Hall Investments closed on the Park Slope site in March for $45.6 million. The company also purchased an office building at One Boerum Place in December for $76.5 million. [DNAinfo] Eddie Small