Fourth Avenue development site going for $20 million
Eye On Real Estate: Bidding Wars on Park Slope Corridor
How big is demand for development sites on Park Slope’s Fourth Avenue?
So big that the same investors who bought the McDonald’s at 275 Fourth Ave. last year, Adam America Real Estate, are paying $20 million for another site a few blocks away, at 470 Fourth Ave.
So big there was a bidding war for 470 Fourth Ave. – and for other Fourth Avenue sites whose sales brokerage firm TerraCRG has handled.
“Values of residential development sites in Park Slope have doubled in just two short years, and property owners are taking advantage of this market,” said TerraCRG founder and president Ofer Cohen.