120 Fifth Avenue is a mixed-use development site comprising nearly two acres in the heart of Park Slope, one of Brooklyn’s most desirable submarkets. The 70,000 square foot development site is currently occupied by a one-story building containing a grocery store and 100 parking spaces at ground level. The business plan calls for the eventual redevelopment of the site into approximately 160 residential units across two separate buildings, 90,000 square feet of commercial space and a 225 space below-grade parking garage. The project’s scale provides the opportunity to develop a neighborhood destination in an area that has historically been supply constrained.
The site is ideally situated four blocks from Flatbush Avenue, the primary retail/commercial thoroughfare traversing the entirety of Brooklyn and the Barclays Center, which is a multi-purpose indoor arena and the home of the Brooklyn Nets of the National Basketball Association and the New York Islanders of the National Hockey League. Future residents will benefit from walkable access to local amenities and an easy commute via both vehicular and rail service, including express subway service which provides access to lower Manhattan in approximately 10 minutes.