Since its rezoning in 2003, Fourth Avenue in Park Slope has seen a few new apartment buildings go up, but developers only got a few years in before the financial crisis put a freeze on new construction along the avenue, leaving it in its current half-industrial, half-luxury residential state.
But as Brooklyn’s housing market heats back up, landowners are putting development sites back on the market, and builders are crawling over each other to get a piece of the action.
A site marketed by TerraCRG, 275 Fourth Avenue, currently occupied by a suburban-style McDonald’s at First Street, just sold for $14.8 million, Ofer Cohen told The Observer—well above the $12 million that the seller was asking for the land.
The attendees of last week’s Landmarks West forum on Upper West Side development will be disappointed to learn that a new, 18-story ultra-luxury building is set to rise in their midst: the Naftali Group has acquired the Hertz garage at 206-210 West 77th Street from the Jewish Board of Family and Children’s Services, with the intention of building just shy of 100,000 square feet of condominiums.
Potential buyers, on the other hand, are so excited that they’ve been calling Naftali since before the land sale even closed.
The Naftali Group paid well over what observers were predicting for the site—in May Bob Knakal, who brokered the sale, told Crain’s that he expected the site to fetch “as much as $45 million.” But the price hit a staggering $55.5 million. Mr. Knakal told us that he was surprised at the closing price, which he attributed to the incredibly tight market for land on the Upper West Side.
As the sun set last Wednesday over Central Park, dozens of the city’s top real estate brokers gathered inside the triplex penthouse of the Plaza. They sipped proper drinks and nibbled quails egg and smoked salmon. They chattered about art and opera and books, the usual uptown pretensions, but also, and mostly, about recent deals. Read More
On a north-facing triangle of Astor Place, the skeleton of a new 21-story residential tower has been racing skyward out of a gaping pit on the former parking lot adjacent to the Cooper Union, casting a shadow across the octagonal streetscape and Tony Rosenthal’s teetering cube.
The contours of the building’s bulbous silhouette, which somewhat Read More
If it’s bragging rights you’re after, forget about screening rooms, wine cellars and steam showers. The new benchmark for luxury living is having a private pool on your penthouse’s terrace. And in an apparent first, one developer is now planning on installing them as optional amenities on several high-end condominiums currently under construction throughout the Read More