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Gentrification Watch

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A 107,000-square-foot rental building with ground-floor retail is coming to 470 Fourth Avenue. A real estate triumvirate of Adam America , Slate Property Group and Naveh Shuster Limited just spent $20 million on the nine buildings that comprise this corner lot on Park Slope's 11th Street. The large rental they have planned will be somewhere between 12 and 14 stories. Slate's Martin Nussbaum said of Fourth Avenue: "We feel strongly about gentrification on the corridor. ... That corridor is the only remaining one for a high-end rental product, which is very much in demand." That must be why Adam America is simultaneously planning a tiered McDonald's-replacing rental just down the block. [TRD]