South Slope Dev Site Trades for $8.5 Million

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A developer plans to renovate and add on to a mostly empty large, mixed-use property on the corner of 5th Avenue and 19th Street in South Slope, according to CPEX, which brokered the property’s recent sale. CS Management bought 657-665A 5th Avenue for $8,500,000.

The one tax lot includes four three-story, 3,000-square-foot mixed-use buildings as well as one three-story loft building. Together they offer 30,500 square feet of space and come with approximately 7,500 square feet of air rights. The developer plans to build an additional 7,500 square feet of apartments.

The property sold for $369 per square foot, or $278 per buildable square foot.

“With scant opportunity for development in Park Slope proper, demand for properties in the South Slope/Greenwood Heights market has increased,” said CPEX Managing Director Sean Kelly in a prepared statement. What would you like to see come in here?

Photo by PropertyShark

7 Comment

  • Will be good to see that eyesore go

  • I think someone was already living in a loft in the corner building for the past 10 years or so.

  • I’d like to see a South Indian Vegetarian restaurant with subsidized housing atop for performing artists.

  • While I will be glad also to see this eyesore go, these comments on CS Management, the developer who bought this space, are THE WORST: http://www.yelp.com/biz/cs-management-brooklyn

  • actionjackson

    Interesting. I thought the 2006 rezoning got rid of the air rights issue along 5th Ave commercial (as well as shortening the overlay). The adjacent space is R6B, and within 100 ft of 5th Ave.

    Does this jive with any of the Archie’s out there?

  • Despite how grungy the building looks on the outside, the corner building actually contains a small ballroom on the inside. I managed to take a look when someone was moving out of it a few years ago. I’d love to hear some research on it…..

  • This is fantastic news! I’ve been living around the corner for 10 years and wondered what was taking so long.

    I really hope they restore the corner loft spaces to their original architecture (amazing huge arched windows that were filled with cinderblock and fitted with small, square, and crappy casement windows) If they do, they can probably fetch some serious dollars as those lofts probably have at least 16 or 18 foot ceilings.

    @ Action Jackson, I’m no architect but the smaller buildings probably have a lot of unused FAR, so they can probably expand as of right. The building at the corner of 5th ave and 20th street just added 2 floors and I don’t think they needed a variance.

    I heard there were only one or two tenants living in one of the smaller buildings for many years – filling these spaces with a bunch of new residents will be great for neighborhood business.