Avery Hall Investments has unveiled plans for a mixed-use project addressed as 272 4th Avenue on the border of Gowanus and Park Slope in Brooklyn. The Brooklyn-based developer is also responsible for the design of the 130,000-square-foot development at the corner of 4th Avenue and Carroll Street, and recently increased the site assemblage with a $5.3 million purchase of 274 4th Avenue and 538 Carroll Street.
Components in the 14-story structure include 6,000 square feet of ground-floor retail space and approximately 125 rental apartments, with more than 30 affordable housing units for low- to middle-income levels. If Avery Hall obtains 50,000 square feet of air rights that City of New York controls at the adjacent 276 4th Avenue site, an MTA substation, the development could be 16 stories tall with an additional 75 apartments, which includes 20 additional affordable housing units. If the adjacent air rights sale is completed, the development could deliver a total 200 apartments, with more than 50 affordable apartments. The project is contingent on the Gowanus Rezoning plan, which would allow for the transfer of the air rights asset.
“272 4th will help address the city’s ongoing housing crisis and fuel the city’s recovery by providing high-quality mixed-income housing and further enlivening this stretch of 4th Avenue,” said Brian Ezra, founding principal at Avery Hall Investments. “Right now, we have a one-time opportunity to add more mixed-income housing for Brooklyn families to the project, bring additional investment and jobs to the area, and provide funding for the city and MTA through our purchase of air rights from the city, and we’re hopeful our partners at the city will leverage it to address these important public policy goals.”
Development costs would total $90 million, and $120 million with the air rights purchase.
Construction in expected to break ground in the fourth quarter of 2021, with an estimated completion in 2024.