A $100 million retail and residential rental building will be built in Park Slope Brooklyn by Adam America Real Estate and Slate Property Group together with AEW Capital Management.
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For more than two decades Brooklyn has seen a renaissance of sorts with old neighborhoods such as Park Slope and Brooklyn Heights becoming fashionable places for young adults and families to live. Old properties have been renovated and many new ones built.
Now a deal has been struck to build a new building on Fourth Ave in Park Slope, near the Gowanus neighborhood in Brooklyn, by a subway entrance. $100 million is to be invested in what will have 141 rental apartments as well as retail space. The building site allows for more than 118, 000 build-able square feet including 200 feet of retail frontage. There will be apartments ranging from studios to three bedrooms and have rents starting from an estimated $2, 000 a month.
Aufgang Architects will design the new building.
Three firms, Adam America real estate Group, Slate Property Group and AEW Capital have all joined together in the project. They will pay an estimated $1.18 million per year to lease the site for 99 years.
Based in Manhattan, Slate Property Group is a vertically integrated owner, operator and developer of residential and commercial real estate in the New York metropolitan area. Over the last five years, the principals of Slate Property Group have purchased in excess of $1 billion in real estate assets.
David Schwatrz, 36, has a bachelors of science in finance from Syracuse university and is a founder and principal with Slate. David runs its development and construction division and shares responsibility for all of its acquisitions and investment decisions. He said in a statement about the project, “It’s a rare situation that you’re in between two amazing neighborhoods with the subway right there, ”
Headquartered in Manhattan and founded by two Israelis, Dvir Cohen Hoshen and Omri Sachs in 2004, Adam America Real Estate Group (AARE) is an entrepreneurial real estate development group with a network of international investors. Active in the residential multi-family market in the New York metropolitan area, Its projects include seven other current developments in Brooklyn.
AARE’s portfolio includes approximately 570 rental apartments, 115 condominium units and 30, 000 square feet of commercial space.
A graduate of Tel Aviv University with a B.A. In economics, Dvir Cohen Hoshen is Adam’s CEO and has overseen its strategic management, market development and project acquisitions. He previously served as an officer in the Israeli army.
Omri Sach’s has a law degree from the University of Chicago and is Adam’s managing director. He was previously its V.P. Of mergers and acquisitions.
Founded in 1981, AEW Capital Management, L.P. (AEW) is an investment firm which currently manages approximately $24.1 billion of real estate assets and securities in North America on behalf of many institutional and private investors. They are headquartered in Boston with offices in Los Angeles, London, Hong Kong and Singapore. four of which are complete, with the remaining .