Cushman & Wakefield Sells Residential Development Site in Park Slope - Breaks Price Per Buildable Square Foot Record on 4th Avenue
A residential development site at 167-171 4th Avenue, located on the corner of 4th Ave and Degraw Street in the heart of Brooklyn’s Park Slope neighborhood, was sold in an all-cash transaction valued at $6,300,000. The sale price equates to approximately $328 per buildable square foot, a record for 4th Avenue.
The site features over 100’ of wrap around frontage between 4th Avenue and Degraw Street. Under the current zoning C2-4/R8A, a developer could build approximately 19,200 square feet as-of-right. There is an Inclusionary Housing bonus, which would allow the site to mass approximately 23,000 square feet.
The site is located in the highly desirable Park Slope neighborhood of Brooklyn, known for its excellent schools, parks, shops and top rated restaurants. The property is within walking distance of the Barclays Center as well as Atlantic Terminal, which offers service to ten subway lines.
“Our extensive marketing platform enabled us to identify a first-time foreign buyer to pay a record breaking price for 4th Avenue,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively handled this transaction with Winfield Clifford. “Land pricing along Park Slope’s 4th Avenue corridor continues to show a positive trend for sellers with the sale of 167-171 4th Avenue retrieving nearly $330 per buildable square foot,” said Clifford.