Slate, Adam America Pick up Another 4th Avenue Development Site

Adam America Real Estate Group and Slate Property Group, along with parter AEW Capital Management, are developing yet another 4th Avenue property. The trio plans to build a mixed-use building with 141 rental units at 535 4th Avenue between 14th and 15th streets in South Slope, The Real Deal reported.

They didn’t buy the lot but are leasing it for 99 years for $10 a buildable square foot, or about $1,180,000 a year. Aufgang Architects will design the building, where rents will start at about $2,000 a month for studios. The retail spaces will be large enough for national retailers. The property currently houses a one-story garage, above.

Adam America and Slate are also developing mixed-use buildings at 470 4th Avenue and 275 4th Avenue, as previously reported. Meanwhile, Slate also bought a 20-unit rental building at 310 12th Street for $6,000,000, according to the story.

Slate, Adam America to Develop Another 4th Avenue Rental [TRD]
Photo by Nicholas Strini for PropertyShark