Brookland buys Park Slope development site on Fourth Avenue for $7.4 million

550 Fourth Avenue

Image: GMAP

Boaz Gilad’s eternally prolific Brookland Capital has acquired a Park Slope development site on Fourth Avenue for $7.4 million.

The site, located at 550-554 Fourth Avenue at the corner of 15th Street, was an assemblage of five tax lots from three different sellers. Brookland plans to build a new 13-story condo project with 45 apartments and ground-floor retail, Gilad told the New York Observer. Of the residential units, 20 percent will be affordable. Architecture firm Roart, which has offices in Manhattan and Brooklyn, will design the building.

The assemblage, which includes a property at 138-140 15th Street, has a footprint of 7,032 square feet and up to 50,632 buildable square feet with inclusionary housing. The site is currently occupied by a grocery store and two wood-frame residential buildings, all vacant, according to a press release by TerraCRG, which handled the deal.

“This was a complex transaction where the original seller will retain a portion of the completed project, including the corner retail space,” Melissa DiBella Warren, Partner and Senior Vice President of TerraCRG, said in a statement.

Brookland certainly has a lot of irons in the fire, with 46 current projects in Brooklyn, the Observer reported. The firm just finished a condo development at 708 Degraw Street, with more condominiums under construction at 467 Union Street and a building in the preconstruction phase at 98 16th Street.

The formerly drab speedway of Fourth Avenue has been gradually transforming into a rich strip of luxury rental and condo development, which has in turn encouraged ground-level retail.

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