Property At 4th Ave/11th Street In Contract For $20 Million

It’s been almost one year since Cafe 474 closed, following the purchase of their property by Fourth Eleventh Development, LLC. Neighboring buildings soon followed, and by May of 2013, it appeared that a large swath of Fourth Avenue and 11th Street was set for demolition.

Since that time, though, things have been eerily quiet, with no activity or news from the development company. That changed on Thursday morning, when Brooklyn Daily Eagle reported that Adam America Real Estate, who is also developing the McDonald’s site on 4th Avenue and 1st Street, was in contract to purchase the property for $20 million.

Brokerage firm TerraCRG told the Daily Eagle that Fourth Eleventh Development originally planned to develop the site themselves, but ultimately decided to sell when they saw “the improvement in the market over the past year.”

Once the sale is complete, which TerraCRG says should happen in February, Adam America is planning to turn the seven tax lots with 6,672 SF of air-rights into a rental apartment building.

What are your thoughts, South Slope? Is Fourth Avenue headed in the right direction? With all the new residential buildings popping up, would you consider living on Fourth? If you already do live there, what are some reasons you would (or would not) recommend Fourth Avenue to potential renters or buyers?