A partnership between Silverstone Property Group and Adam America Real Estate has acquired a Park Slope development site for $14.8 million, almost $3 million above the asking price, according to an announcement from TerraCRG, the Brooklyn brokerage that handled the transaction. The buyers intend to build a 75-unit rental building with 6,000 square feet of retail space.
The site at 275 Fourth Avenue at the corner of Fourth Avenue and First Street is currently occupied by a McDonald’s and should offer up to 60,200 square feet of buildable space, according to the current zoning, as The Real Deal first reported. The sale represents a record price for a Fourth Avenue development site, according to the release.
“We are big believers in the Brooklyn market and are in the process of building 600 units in the area,” Dvir Cohen-Hoshen, managing partner at Adam America, said in the release. “We see tremendous demand for luxury rental product and are excited to take part in the reshaping of the Fourth Avenue corridor.”
“The results of this process speak for themselves,” TerraCRG’s Ofer Cohen said in the release. “The superb Park Slope location coupled by the strong residential market and a serious lack of quality site inventory in the area, enabled us to maximize the value of the property.” – Hiten Samtani