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Acquisitions

Billy Macklowe buys 120 Fifth Avenue

Rendering of 120 Fifth Avenue (Credit: Avery Hall Investments)

Billy Macklowe and David Welsh have entered into contact to acquire 120 Fifth Avenue in Park Slope from Brian Ezra’s Avery Hall Investments for under $65 million, according to the NYPost. The Key Food development project had been hotly contested by the community as it will replace the local grocer with a smaller food store.

  • Plans: The two proposed low-rise buildings will span over 225,600 SF, and contain 165 units, plus a smaller grocery store within its 90,000 SF of retail space. The development will also consist of 220 parking spaces.
  • Dig Deeper: After residents opposed the plans, the developers signed a cooperation agreement and committed to allocating 25 percent of the project’s units as affordable rentals. But the agreement only remains in effect until 2022, after which the agreement will revert to the property’s underlying zoning, no longer requiring a grocery store or affordable units, TRD noted.
  • Worth Noting: David Welsh, whose $100 million pact to sell Normandy’s operating and development businesses to Columbia Property Trust closed earlier this week, also announced that he launched a new company, Senlac Ridge Partners. Finn Wentworth and Giorgios Vlamis have also left Normandy to join him in the new venture.
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