Originally in foreclosure back in 2006, the property at 314 12th Street in the South Slope was purchased for $1,350,000 in late 2007, several months after someone filed a permit to demolish the existing three-story house and replace it with a new five-story structure. It took more than a year, but DOB finally approved that application last month and the work is already well underway. At this point, our expectations for new construction in this part of town are pretty darn low. The architect on this project, Truisisuk Design Group, however, appears to have done some attractive lofts in Manhattan, so maybe this won’t be so bad after all. GMAP P*Shark DOB