Kelly, O’Neill and Sears of CPEX sell 575-581 4th Avenue for $23.5 million; reps Rabsky Group in sale of 90,000 s/f development site to Daten Group

Brooklyn, NY CPEX Real Estate sold a 90,000 s/f development site located at 575-581 4th Ave. in Park Slope for $23.5 million. This is the second time CPEX has sold the site in the past seven months. CPEX’s development & conversion investment sales team, consisting of managing director Sean Kelly, Esq. and associates James O’Neill and Sean Sears, represented the Rabsky Group in the sale to the Daten Group. CPEX also procured the purchaser. “Demand is strong for development sites along the 4th Ave. corridor and we anticipate that it will remain strong as we see the emergence of Brooklyn as a home for businesses in the Gowanus, Industry City, and the Tech Triangle,” said Kelly. “This location is across the street from the R train and provides incredible views of the downtown Brooklyn and Manhattan skylines.” Located on the corner of 4th and Prospect Aves., the assemblage of six properties provides a footprint of 22,000 s/f. Depending on whether the purchaser elects to use an Inclusionary Housing bonus, the site offers from 72,000 to 90,000 buildable s/f. The site was delivered vacant, and included preliminary plans for a 12-story building with 110 residential units.