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, currently under construction with completion expected to be late 2024, was formerly occupied by a one-story building containing a grocery store as well as 100 parking spaces at ground level. The business plan calls for the redevelopment of the site into approximately 180 residential units across two separate buildings, 67,000 square feet of commercial space and a 130-space below-grade parking garage. The development will include a 25,000-square-foot community supermarket operated by international grocer Lidl as well as a CVS pharmacy. A publicly accessible pedestrian plaza, lined with cafes and retail, will connect Butler Street with 5th Avenue. 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 Liberty of the Women’s National Basketball Association. 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.