Real Estate

Big Development Goes South On 4th Avenue (Literally)

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685 4th Avenue
685 4th Avenue. (Image via Google Maps)

Plans have been filed for a 12-story mixed-use building at 685 4th Avenue (corner of 22nd Street), The Real Deal reported.

Developer Steve Cheung purchased the 10,000 square-foot lot last November for $11.8 million and Flushing-based Michael Kang Architect will design the building.

In addition to 81 condo units, the building will have retail space for four stores. A roof deck and underground parking will also be part of the project.

Of note are the 16 units out of the 81 which be affordable housing, however prices have not yet been released. According to YIMBY, Cheung is allowed to build “bigger” because they will price 20% of the units at below-market housing.

683 4th Avenue
683 4th Avenue was built two years ago next door. (Image via Google Maps)

The new building will be constructed next door to 683 4th Avenue, a rental unit building completely about two years ago. YIMBY reports that at the time of completion, 16 rentals were available at $1,800-$2,200 for a studio apartment, and $3,000-$3,400 for a two-bedroom.

While much development has been taking place north of the Prospect Park Expressway, this project joins a bevy of buildings — although with much less controversy. The “pet-spa” luxury rental planned at 243-245 4th Avenue (between President and Carroll Streets) is helmed by controversial developer Haysha Deitsch.

In 2012, Wall Street Journal reporter Robbie Whelan said he believes the newer architecture on 4th Avenue has contributed to a “canyon of mediocrity.” Whelan may not have forecasted the “canyon” moving this far south on 4th Avenue.

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