By Gary Buiso
A former Fifth Avenue Salvation Army store could one day morph into a seven story residential building. The property, 515 Fifth Avenue was recently sold in an all cash transaction valued at $3,425,000 million. Applications have been filed with the city’s Department of Buildings to construct the new building, but at this point, the plans have yet to be approved, according to agency spokesperson Jennifer Givner. Kenneth Freeman, a broker for Massey Knakal Realty Services, the firm that exclusively handled the transaction, said the interest in the property was “tremendous.” He would not disclose the buyers, but did say they are “local developers who know the area well and have the best interests of Park Slope in mind.” Freeman, a Park Slope resident, said that he was “sad” to see the Salvation Army close, but that change will prove to be a positive here. “The inevitable march of real estate continues,” he said. The new building can be constructed without any public hearings as it stands in an area zoned for mixed use. The building, Freeman said, is expected to be “sensitive to the local architecture,” and at the same time, contain a ground floor retail component that will be “beneficial” for the area. There are expected to be 16 condominiums within the building, he added. The sale was finalized in the first week of January. Freeman dispelled rumors that a Gap clothing store would be moving into the site. He said those rumors, circulated on a neighborhood Internet message board, were “unfounded. Freeman said the developers want the retail component “to be something people will like.” Craig Hammerman, the district manager of Community Board 6, said local residents have been calling the board, inquiring about what could rise—under city zoning law—at the site. “Now that people understand what can happen, we’ll have to wait and see what their reaction will be,” he said. Massey Knakal was also recently involved in the sale of a landmarked, 10-story brownstone at 904 President Street in Park Slope. The property sold for $1,587,000, and contains 10 apartments.
