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