120 5th Avenue
A partnership led by Avery Hall Investments has acquired a strategic development site in the heart of Park Slope, among Brooklyn’s most mature and desirable neighborhoods. Presently utilized as a supermarket and surface parking lot, the 1.8-acre site is slated to be developed into a 300,000 gross square foot project featuring; two buildings with publicly accessible outdoor space, 160 rental units with 25% affordable housing and unparalleled amenities in the neighbourhood, 95,000 square feet of retail space on two levels including a 22,000 plus supermarket, and a 200-vehicle parking structure. The property is located on Park Slope’s liveliest shopping and dining corridor and is a 5-minute walk from 10 subway lines and the LIRR at Barclays Center. Avery Hall collaborated with the local City Councilmember and the Fifth Avenue Committee to structure a Community Cooperation Agreement which paves the way forward to bring back a large full-service supermarket, 40 units of affordable housing and many other community benefits. The project is presently in the approvals phase with the Department of Housing and Preservation and is slated to break ground in 2018.
Status: Pre Development
Location: Park Slope, Brooklyn
Use: Retail, Residential, Amenities, Parking
Size: 300,000 GSF / 160 Units