Daten Group Planning Condos For 4th Avenue

We first heard that a new building would be going up at the corner of 4th Avenue and Prospect Avenue back in January. The project was originally proposed by The Rabsky Group, which planned to build a 12-story rental buidling designed by Karl Fischer.

But now it looks like the Daten Group is taking over and building condos instead, according to The Real Deal. The real estate group is paying $24 million for six lots in total, 575-581 4th Avenue and 189-195 Prospect Avenue. The 65-unit structure will still be 12 stories along 4th Avenue but only 5 stories along Prospect.

Daten plans to begin demolition in the next two months, likely prior to the closing. Kutnicki Bernstein Architects will replace Karl Fischer in designing the building.

“We are modifying the plans to accommodate fewer units, while keeping a similar massing for the building,” Craig Rosenman, director of acquisitions at Daten told The Real Deal.

We’ve seen a lot of development along this stretch of 4th Avenue but most of the proposed buildings have been rentals.

What do you think of more condominiums being built in the neighborhood?