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The buyers of the huge development site on the corner of 4th Avenue and 11th Street are planning a mixed-use rental building 12 to 14 stories high, The Real Deal reported. The building at 470 4th Avenue will have 107,000 square feet of space and ground-floor shops.

The sale closed this month, as promised. The buyers are a group of three developers, including Adam America, which also purchased the McDonald’s site further up 4th Avenue at No. 275 in Park Slope, said The Real Deal. The other two are Slate Property Group and Naveh Shuster. The buyers paid the asking price of $20,000,000. TerraCRG brokered the sale.

The deal means that this corner of 4th Avenue and 11th Street will soon look like a lot of other corners on 4th Avenue, with a new building four times higher than its immediate neighbors. On the 11th Street side is a quiet block of small 19th-century wooden row houses. Across the busy avenue are two large 19th century apartment buildings four stories high. Just one block down at the corner of 12th Street is similarly sized new construction, a 12-story apartment building.

The new development is part of a construction boom sweeping 4th Avenue after a rezoning. Demolition will start in the next two months. No new building permits have been filed yet.

Seller JBS Project Management, surprisingly, was able to assemble the 12,690-square-foot site by purchasing six individual row houses and three commercial buildings on seven tax lots as well as air rights from an adjacent building, as we reported at the time. The development site extends six lots into the block on the 11th Street side.

Just next to the property are some intact and much photographed wood row houses. Click through to the jump to see them.

Nussbaum, Adam America Buy Nine-Building Park Slope Site [TRD] GMAP
No Demo Yet for Eight Buildings at 4th Avenue Development Site [Brownstoner]

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