Fourth Avenue undergoes transformation
After a pause during the recession, new residential developments are again rising on Brooklyn’s Fourth Avenue and more are on the way along the 120-foot-wide corridor that separates the historic brownstones of Park Slope from the emerging neighborhood of Gowanus.
In the first half of this year alone, 13 investment properties valued at more than $60 million traded on Fourth Avenue along the borders of Park Slope and Gowanus, compared to 10 properties totaling $35 million in all of 2013 and six properties totaling $26 million in all of 2012.
In fact, sales along this stretch of Fourth Avenue made up 17 percent of the 73 investment properties sold in Boerum Hill/Cobble Hill/Carroll Gardens/Park Slope/Gowanus and Red Hook combined in 1H2014, and 21 percent of the $290 million dollar volume of these trades, according to Ariel Property Advisors’ Brooklyn 2014 Mid-Year Sales Report.
One of the largest transactions in the first half of the year was 470 Fourth Avenue and 235-243 11th Street, a portfolio of seven properties that sold in February for $20 million, or $232 per buildable square foot. Slate Property Group, Adam America Real Estate Group, and Naveh Shuster Limited are planning to develop a 12-story, mixed-use, 105-unit residential building on this site, which is one of three projects with a total of about 325 units that Slate and its partners are planning on Fourth Avenue, according to the company’s website.