South Slope Development Site Trades for $8.5M
Brooklyn-based developer CS Management has acquired a development site at 657-665A Fifth Avenue in South Park Slope for $8.5 million, representatives of the seller announced last week.
“This could become a focal point for the South Slope market,” Sean Kelly, managing director at CPEX, told The Commercial Observer. “There is not much left of Fifth Avenue in Park Slope-proper and the natural progression is south,”
The site consists of four, three-story, 3,000-square-foot mixed-use buildings and one three-story loft building. Together, the property totals over 30,000 square feet and boasts a further 7,500 of air rights.
The buyer has plans to reposition all five buildings into a mixed-use development with ground-floor retail space. Mr. Kelly pinpointed the corner loft building as an area where the developer can create value by cutting up larger blocks of space.
“The buildings are in excellent condition, and there is not another 10,000 square foot footprint available for at least 10 blocks,” Mr. Kelly added in a prepared statement. “This project will be a game changer for the neighborhood.”
Mr. Kelly and Matthew Dzabenek, associate director, represented the seller, GRA Management, in the all-cash deal.