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Slate And Adam America Close On $25M Park Slope Development Site

Slate Property Group and Adam America Real Estate have closed on their $25M purchase of 541-555 Fourth Ave.

Slate Property Group and Adam America Real Estate have closed on their $25M purchase of a Park Slope development site, where they plan to build a 130-unit, 12-story rental building.

The partners paid roughly $200/BSF for the site at 541-555 Fourth Ave, which contains eight townhouses that’ll be demolished to make way for the new 120k SF rental building with ground-floor retail, The Real Deal reports.

Sellers Anshel Friedman and Aaron Karpen had already filed plans with the city for a 12-story rental at the site. It was approved in December, allowing it to qualify for the 421-a tax abatement before it expired in January.

Slate has been in the headlines lately for its role in the Rivington House debacle, where the developer purchased a defunct care facility in the LES from for-profit nursing home operator Allure Group for $116M.

Allure has since been accused of misleading city officials by suggesting it would continue to operate the site as a care facility, despite being under contract to sell the site to Slate to build luxury condos. [TRD]