Slate Property Group, Adam America Real Estate and Naveh Shuster Limited acquire Park Slope development site for $20 million

Slate Property Group, Adam America Real Estate and Naveh Shuster Limited have entered a partnership and closed on the purchase of a development site at 470 4th Ave. in the Park Slope neighborhood. The partnership will complete the ground-up development of a multifamily and mixed-use 107,000 gross building s/f building at this location. TerraCRG brokered the purchase of this 120 x 105.75 ft. corner development site for $20 million. This acquisition presents an opportunity for Slate Property Group, Adam America Real Estate and Naveh Shuster Limited to continue to fill a void in the Park Slope marketplace, which has lacked a volume of high-end multi-family residential properties despite the neighborhood being named as one of the best places to live in the United States due to its cultural offerings, historical charm and proximity to Manhattan. Principal and founder of Slate Property Group, Martin Nussbaum said, "We see a unique opportunity to bring luxury amenities to Park Slope while emphasizing the local aesthetic and staying true to the neighborhood's culture throughout the design of this property." In addition to spacious apartments, luxury amenities and retail space, the development will feature a facility that will be open to the Park Slope community. The development site is just one block from the neighborhood's primary transportation hub and is within walking distance to Prospect Park, the Barclays Center and Park Slope's premier retail corridors. Dvir Cohen Hoshen, a principal of Adam America Real Estate, said, "We strongly believe in the 4th Ave. corridor and would like to create location-specific developments, which will compliment a broader move to beautify and improve 4th Ave." Dalia Shuster, CEO of Israel-based Naveh Shuster Limited said, "We are excited to continue our investment expansion in the United States and are aggressively pursuing other transactions in the Brooklyn and Manhattan submarkets." "With the rental market continuing to be strong and with tight inventory of rental and condo units in the Park Slope area, developers are continuing to see 4th Ave. as a robust market," said TerraCRG founder and president Ofer Cohen. "Values of residential development sites in Park Slope have doubled in just two short years." The development team brings significant experience to the Park Slope project, as they have a strong track record of finding untapped value in emerging neighborhoods and developing thoughtfully designed assets with strong potential for appreciation and growth. The team recently acquired another development site at the corner of 1st St. and 4th Ave. in Park Slope and will transform the lot into an extravagant multi-family and mixed-use property just 10 blocks away from the new development site. This 76,000 s/f building will be a pioneering development for the neighborhood and will set a new standard for residential properties in the borough.