PARK SLOPE — Another luxury apartment building is slated for construction on rapidly changing Fourth Avenue, the New York Observer reported.
Plans are underway to replace a McDonald's fast food restaurant at 275 Fourth Ave. with a 75-unit apartment building.
"Our plan is to build a very high-end rental building of approximately 75,000 square feet, with 6,000 square feet of ground floor retail," Martin Nussbaum of Silverstone Property Group told the Observer.
Silverstone partnered with Adam America Real Estate to buy the site, on Fourth Avenue and First Street, for $14.8 million. The asking price was $12 million, according to the Observer.
Development has been picking up steam on Fourth Avenue in recent years, with several new apartment buildings aimed at upper-income buyers and renters opening on the gritty thoroughfare. One recent arrival boasts concierge service and studios that rent for $2,100.
Another development site, on Fourth Avenue between 10th and 11th streets, is on the market for $20 million, according to the Observer.
New housing isn't the only change afoot on Fourth Avenue. The Department of Transportation will soon make a series of safety upgrades designed to slow speeding traffic on the notoriously dangerous street, and a new school, P.S. 118, is opening this fall inside the former St. Thomas Aquinas school building on Fourth Avenue and Eighth Street.