Fourth Avenue’s development boom is moving south from Park Slope into Greenwood Heights.
Developer Steve Cheung filed plans on Friday to erect a 12-story, mixed-use building at 685 Fourth Avenue, on the corner of 22nd Street. The 120-foot-tall project will bring 81 apartments and 6,400 square feet of retail space to a parking lot a couple blocks south of the Prospect Expressway.
Those apartments will be split across 63,218 square feet of residential space, for average units of 780 square feet. The developer gets to build bigger in exchange for including below-market units, and twenty percent of the apartments, or 16 units, will be affordable.
There will be four retail units on the ground floor, followed by five to 10 residential units on each of the upper stories. The plans call for a roof deck, recreation space on the ground floor, and laundry in the cellar. A subterranean garage will host 18 parking spots (which are required by zoning) and 41 bike storage spaces.
Flushing-based Michael Kang Architect applied for the permits, and Cheung is listed on the filing as the member of a Great Neck-based LLC. The LLC picked up the 10,000-square-foot lot for $11,800,000 last November.
A new rental building was finished two years ago on the lot next door at 683 Fourth Avenue. At the time, 16 rentals were asking $1,800 to $2,200 for a studio and $3,000 to $3,400 for a two-bedroom.