The William Macklowe Company and Senlac Ridge Partners have secured $142.9 million to complete a new mixed-use complex in Park Slope, Brooklyn. Located at 120 Fifth Avenue, the development will comprise two individual buildings with 180 rental units, amenity spaces, a CVS Pharmacy, and the borough’s first Lidl Supermarket.
Sumitomo Mitsui Trust Bank provided the construction loan and Cushman & Wakefield represented the developers’ joint venture in the transaction.
In addition to market-rate units, 25 percent of the units will be designated as affordable housing. At this time, the developers have not specified how deeply affordable the units will be. Amenity spaces will include a fitness center with private studio space, a children’s playroom, a private event space, a communal lounge, coworking spaces, and landscaped outdoor spaces shared with the public. Residents will also have access to a 200-vehicle parking garage.
When complete, the entire project will comprise 300,000 square feet. Today, roughly 30 percent of the property’s retail space remains un-leased.
Rendering of retail row and streetscape at 120 Fifth Avenue in Park Slope, Brooklyn
Rendering of pedestrian corridor at 120 Fifth Avenue in Park Slope, Brooklyn
The development site spans 1.8 acres and previously supported a Key Food supermarket and a 100-vehicle parking garage. In 2017, Avery Hall Investments filed permits with New York City’s Department of Buildings to replace the supermarket with a similar two-building property, but those plans never came to fruition. Three years later, Macklowe and Senlac acquired the site for $59 million from Avery Hall.
The new owners have not announced an anticipated date of completion.
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180 units and 380 parking spaces – so this project is a parking garage first. Just what the city needs most.
It’s probably related to the supermarket. They have bigger parking requirements.