“I think there’s an opportunity to capitalize on a higher-end rental product” on Fourth Avenue, Mr. Nussbaum said. “There have been a couple of new buildings that I’ll stay silent on that I don’t think are as great as they can be.”
And while Fourth Avenue is gaining in respectability as the auto repair shops and surface lots are turned into glassy luxury apartments, the more residential side streets are still more desirable. “It’s a First Street sort of address building,” Mr. Nussbaum said of the project at 275 Fourth Avenue. “We’re really going to brand this not so much as Fourth Avenue.”
The stretch of Fourth Avenue from Douglass Street in the north to Sixth Street to the south has somewhat of a blight barrier to overcome, as the western side of the avenue was never rezoned for residential use. While some of the buildings are more attractive “non-conforming uses”—that is, pre-war tenements—the views of auto body shops across the street from the new buildings aren’t going away any time soon.
Aside from the McDonald’s parcel, TerraCRG has also brokered the sales of 245 Fourth Avenue and 269 Fourth Avenue, both of which are in contract (the former above the asking price) but have not yet closed.
Stephen Palmese at Massey Knakal also said his firm was working on a couple of deals in the area—”we’ve got some really big stuff we’re doing in that part of town”—but declined to elaborate.
And for builders still looking for sites, TerraCRG is marketing 470 Fourth Avenue, between 10th and 11th Streets. The seller wants $20 million for the land, which is zoned for around 86,000 square feet of development, making it the largest site in Park Slope to hit the market in years, according to Mr. Cohen.