Madison Realty Capital has acquired the 10-story, 130,000-square-foot industrial building at 341 39th Street and the neighboring seven-story, 30,000-square-foot industrial property at 353 39th Street, in southern Greenwood Heights (on the border of Sunset Park), with plans to convert the structures into modern office and manufacturing space. The properties traded for $37.5 million, Crain’s reports. The currently vacant buildings would get new lobbies, windows, mechanical equipment such as elevators, amenities, and outdoor space (presumably on the roof). Between the buildings, the floor plates will range from 4,000 square feet to 13,000 square feet. The 36th Street stop on the D, N, and R trains is three blocks to the north. The duo was placed on the market last year with an asking price of nearly $50 million.
Many of the little wood frame houses along the avenues in Park Slope and Greenwood Heights might not be around much longer. They occupy generously zoned lots near public transportation, in a neighborhood where rents are rising fast. And today we have a rendering for what’s replacing two old houses at 643-645 5th Avenue in Greenwood Heights.
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.
As Fourth Avenue’s construction boom stretches south of the Prospect Expressway in Brooklyn, condos are rising on the neighborhood’s less desirable blocks, closer to the traffic-clogged road and further from Green-Wood Cemetery. One such project is in the works at 186 21st Street between Fourth and Fifth Avenues in Greenwood Heights.
South Slopers were sad to read about the sale and development plans for Polish grocer Eagle Provisions, which shut its doors earlier this summer at 628 5th Avenue in Greenwood Heights. But a small piece of the old structure will live on in a new residential development, forged by partially demolishing and expanding the the shop’s three existing tenements at 626-630 5th Avenue. Alteration applications were filed last week, and YIMBY has renderings depicting the site’s future.