Friday, July 1, 2016

Development Flip: Slate/Adam America Buys up Site at 541-555 Fourth

The Real Deal reported yesterday that Slate Property Group and Adam America Real Estate have acquired the eight building parcel of properties at 541-555 Fourth Avenue (15th Street) for $25 M.  The sellers, Anshel Friedman and Ariel Karpan, who payed 16.5M for the buildings, announced plans for a 12-story rental (complete with pet spa) last September, but with the site sitting idle for almost a year since then, I wondered if a flip of the properties was on the cards.  And here it is. The new owners plan a slightly larger building, which will remain rental, and will include retail. Inclusionary housing units are also planned.  Just last month developers at 685 Fourth (22nd Street) filed plans for a new building that will also include units of affordable housing, so it looks like there's a new (if meagre) component to apartment construction on the avenue.  A trend, of sorts.

As The Real Deal notes, Slate/Adam America are involved in the controversial Rivington House sale, having bought the property from Allure Group.  The developers are already active on Fourth, with property development at 270, 470 & 535 Fourth. There's still a partial SWO in effect at 535, (right next door to 541), where structural forms at the top of the building collapsed earlier in April .  DOB records reveal construction work performed contrary to plans, and plans have been filed to remove two flloors of the building, along with partial slab removal on lower floors.

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