From The Daten Group:
575 4th Avenue, LLC has acquired several vacant parcels located at 573, 575, 577, 579 & 581 4th Avenue and 189-193, 195 Prospect Avenue in Brooklyn, New York. The acquisition closed on November 12, 2015 with all initial equity funds provided by principals of The Daten Group, LLC.
The Property is comprised of seven irregularly shaped lots located along the southeast corner of Fourth Avenue just north of Prospect Place and directly across the street from the R train line. 575 4th Avenue will be developed as a 11-story mixed use multifamily condominium with +/- 6,500 SF retail component. The approximately 22,000 SF site will make host to a +/- 100,000 SF building containing 70 apartments and 48 parking spots.
The project schedule calls for construction to begin in Q3 2016 and should take approximately 20 months with a targeted completion of Q2 2018. We estimate another nine months to close on sales for all the units.