204 4th Avenue
Status: Acquired, in Planning
Location: Gowanus, Brooklyn
Use: Retail, Residential, Amenities, Parking, Transit
Size: 200,000 GSF / 200 Units
Avery Hall Investments, in partnership with Gindi Capital, has acquired a strategic site at the border of Brooklyn’s burgeoning arts and nightlife district, Gowanus, and Park Slope, Brownstone Brooklyn’s historic, tree-lined neighborhood adjacent to Prospect Park. The team acquired the half-acre parcel in 2019, which is presently vacant and was most recently used as a service-station. The site consists of the entire western block front on 4th Avenue between Union and Sackett Street, and sits atop the Union Street R subway station. Pursuant to the proposed Gowanus rezoning, the project is intended to be remediated and developed as a high-density, mixed-use and mixed-income transit-oriented rental development, which would consist of approximately 200 units, full amenities, on-site parking and 50,000 SF of retail / commercial space. The property is located at the intersection of two of Brooklyn’s most important commercial thoroughfares, Union Street and 4th Avenue. The development team has proposed to leverage the site’s unique orientation atop the Union Street R subway station, and has offered the City to develop a new ADA- accessible subway entrance within the base of the project, which would greatly enhance access to the station and alleviate overcrowding. The project sits in a federally recognized Opportunity Zone and is intended to be held as a long-term rental asset by the partnership. The team plans to break ground in 2021 and to open in 2024.