Park Slope wins new CVS, Lidl, and Wells Fargo branch

Affordable housing units are part of 5th Ave. package

July 7, 2023 Special from William Macklowe Company and GreenBarn Investment Group

Rendering of upcoming development at 120 5th Avenue. Photos courtesy of William Macklowe Company and GreenBarn Investment Group.

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PARK SLOPE – William Macklowe Company and GreenBarn Investment Group—joint developers of a major residential and retail complex at 120 Fifth Avenue in Park Slope—announced today that they have signed a 3,500-square-foot lease with Wells Fargo to operate a new community banking facility.

Billy Macklowe, CEO of William Macklowe Company, said, “Creating access to essential retail goods and services, like banking, is a crucial component of our approach to development. We are excited to be partnering with Wells Fargo to deliver a new community-oriented bank for the convenience of our neighbors and future residents. Construction of our residential and retail development is advancing on schedule, and we expect that the new bank will open in late 2024.”

Once completed, the 180-unit residential rental development will include 45 units of affordable housing, a total of approximately 67,000 square feet of retail/commercial space, and a below-grade parking garage.

The Wells Fargo branch joins two anchor tenants at 120 Fifth Avenue: Lidl, an international grocer that will operate a community supermarket in the new complex, and a CVS pharmacy. Together, these three tenants account for over 41,000 square feet of the planned retail/commercial space.

The RIPCO Real Estate team consisting of Jason Pennington, Alex Beard and Ben Weiner is the exclusive leasing and marketing team for the developer and represented them in this transaction. Annette Healey, Chris Betting, and Dean Rosenzweig of CBRE represented Wells Fargo.

William Macklowe Company is a privately owned, vertically integrated real estate investment platform led by William Macklowe. WMC, and its principal’s activity at its predecessor firm, have accounted for over $15 Billion in real estate transactions as one of the more prolific owners, managers, acquirers, and developers of prime New York properties over the past 30 years.

GreenBarn Investment Group (formerly Senlac Ridge Partners) is a vertically integrated, investment management firm targeting a broad range of commercial real estate equity and debt opportunities across the capital structure. The firm has extensive experience managing and capitalizing complex and distressed opportunities in select U.S. urban and transit-oriented suburban markets. GreenBarn’s entrepreneurial approach, deep relationship network and extensive sourcing capabilities uniquely position the company to take advantage of value-driven opportunities across market cycles.