Property Address: 613 4th Ave, Brooklyn, NY
Acquisition Date: 2015
Asset Type: Mixed-Use Residential & Retail Development
Size: 70 Residential Units & 8,000 sf Retail Space
In September 2015, CGI purchased a site located at 613 4th Avenue, at the corner of 18th Street in the South Slope area of Brooklyn, New York. Shortly thereafter, CGI bought 6,462 square feet of additional development rights and negotiated the purchase of two adjacent contiguous lots, assembling a very impressive site of 100 feet of frontage on 4th Avenue and 125 feet of frontage on 18th Street. The total projected cost is estimated to be approximately $45.0MM. The completed building is anticipated to be 12 stories of residential over 8,000 square feet of ground-floor retail space.