{"id":1004107172,"date":"2014-11-08T07:38:02","date_gmt":"2014-11-08T15:38:02","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=304770"},"modified":"2020-04-07T21:54:42","modified_gmt":"2020-04-08T05:54:42","slug":"new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\/","title":{"rendered":"New Renderings Revealed for Mixed-Use Asset at 535 Fourth Avenue"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

\"535<\/a><\/p>\n

535 Fourth Avenue – Brooklyn – construction site<\/p>\n<\/div>\n

In April this year an investment trio consisting of Slate Property Group, Adam America Real Estate and AEW Capital Management purchased the 99-year ground lease on a construction site located at 535 Fourth Avenue between 14th<\/sup> and 15th\u00a0<\/sup>Streets in Brooklyn\u2019s South Park Slope neighborhood.<\/p>\n

Betting on the tremendous development opportunity in this growing sub-market that was dominated by warehouses, gas stations, auto repair shops and low-rise structures until ten years ago, the partnership revealed plans to invest $100 million in constructing a residential building that would bring 141 rental units and ground floor retail space on Fourth Avenue. \u201cWe see tremendous potential to add value to the avenue by developing unique, high-end residential properties that fill a void in the Park Slope marketplace,\u201d said in a statement David Schwartz, principal and co-founder of Slate Property Group.<\/p>\n

According to a news report by The Real Deal<\/a><\/em>, the three firms paid roughly $10 per square foot, or around $1.18 million in annual rent, for the 118,000-square-foot property which previously had housed a car rental facility. The transaction, which was brokered by CPEX Real Estate, marked the partnership\u2019s third acquisition on Fourth Avenue at that time\u2014after having paid $20 million for a development site at 470 Fourth Avenue and nearly $15 million for another property at 275 Fourth Avenue.<\/p>\n

\"535<\/a><\/p>\n

535 Fourth Avenue – Brooklyn – project rendering<\/p>\n<\/div>\n

Now, six months after the transaction, new renderings and details for the mixed-use project at 535 Fourth Avenue were recently published by the Commercial Observer<\/a><\/em>. Designed by Aufgang Architects\u2014the same architecture firm that serves as lead architect for 470 Fourth Avenue\u2014the 130,000-square-foot building will rise 11 stories. It will include 148 rental apartments, approximately 12,500 square feet of street-level retail space, as well as a surface parking garage with 70 spaces. Construction at the site is scheduled to begin in early 2015.<\/p>\n

 <\/p>\n

Click here<\/strong> for more market data on New York City<\/strong>.<\/p>\n

 <\/p>\n

Images via PropertyShark.com and Aufgang Architects<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Six months after an investment trio purchased the 99-year ground lease on 535 Fourth Avenue in Brooklyn’s South Park Slope, new renderings were revealed for the 148-unit rental building.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004107172","post","type-post","status-publish","format-standard","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"\nNew Renderings Revealed for Mixed-Use Asset at 535 Fourth Avenue - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Renderings Revealed for Mixed-Use Asset at 535 Fourth Avenue\" \/>\n<meta property=\"og:description\" content=\"Six months after an investment trio purchased the 99-year ground lease on 535 Fourth Avenue in Brooklyn's South Park Slope, new renderings were revealed for the 148-unit rental building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-11-08T15:38:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-08T05:54:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/535-Fourth-Avenue-Brooklyn-construction-site.jpg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\\\/\"},\"author\":{\"name\":\"Veronica Grecu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e8362e8641769829162f16fe58091f62\"},\"headline\":\"New Renderings Revealed for Mixed-Use Asset at 535 Fourth Avenue\",\"datePublished\":\"2014-11-08T15:38:02+00:00\",\"dateModified\":\"2020-04-08T05:54:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\\\/\"},\"wordCount\":331,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/11\\\/535-Fourth-Avenue-Brooklyn-construction-site.jpg\",\"articleSection\":[\"New York\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-renderings-revealed-for-mixed-use-asset-at-535-fourth-avenue\\\/\",\"name\":\"New Renderings Revealed for Mixed-Use Asset at 535 Fourth Avenue - 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