No Demo Yet for Eight Buildings at 4th Avenue Development Site

When we stopped by recently to check on the huge development site at the corner of 4th Avenue and 11th Street, we were surprised to find eight buildings still standing. Every one appeared to be empty, with no trespassing and rat poison signs posted on some.

As you may recall, JBS Project Management assembled a 12,690-square-foot corner development site by purchasing six individual row houses, above, and three commercial buildings on seven tax lots as well as air rights from an adjacent building. The site goes by the address 470 4th Avenue and is being marketed by TerraCRG for $20,000,000. It has been in contract since September.

The building housing Cafe 454 at the rear of 243 11th Street was demolished in May, and demo permits approved for all the other buildings on the site at that time. A few months ago, JBS Project Management told neighbors on the block it planned to demolish the remaining buildings in August or September, according to a tipster. Now it’s unclear if demo will happen before the deal closes.

The sale is scheduled to go through in February, TerraCRG told us. The buyer will submit building plans in Q1.

Huge 4th Avenue Development Site in Contract [Brownstoner]
Demo for Nine Buildings on 4th Avenue and 11th Street [Brownstoner] GMAP