500 4th Ave

500 4th

Compared to the higher-priced luxury rentals and newer condominiums nearby, 500 4th Avenue is a value find for those seeking a full-service building. “The units are much larger than what you’re competing with, and more affordable than the new development product. You’ve got everything while being closer to the subway,” says Scott Savory, a broker with Compass. “So, do you pay 30% more for the newer product that is not in a better location? Or do you buy this full-service item that’s an older building that’s really well kept?” The location sweetens the deal. Closer east to Park Slope, having an on-site parking garage and 24-hour door attendant would greatly increase the cost. Farther west will be Gowanus’ widespread construction for the next few years. “On the backside, everything is going to be redeveloped, which is going to benefit your asset,” Savory says. “But you don’t have to deal with the noise for the next four or five years. The building has this interesting balance.” “Unlike a 20- or 40-unit building, where the building might be heavy on twos and ones and then sprinkle a few studios in there, the scale of the building gives you a healthy balance of studios to actual three bedrooms,” Savory says. Within the 156 units, studios are around 600 square feet and have a walled-off sleeping alcove. One bedrooms range in size from about 550 to 800 square feet, and many include a private terrace that can fit a small table and chairs. Two-bedrooms units, sized from 900 to 1,100 square feet, have a second bathroom connected to the primary sleeping area. Like the one-bedroom units, they also use an open kitchen to maximize floor space. Certain three bedrooms, which range from 1,110 to 1,300 square feet, have enough room to separate the living and dining areas, while others have a private terrace. “And if you’re on a high floor on the north side of the building, you can sit in your apartment and stare at the city,” Savory says. “It’s got views of the skyline.” Although the interiors are old enough to have undergone slight updates, such as new kitchen backsplashes or the addition of walk-in showers, most retain their original Calcutta marble countertops and Viking ranges. “It was built at a time when Gowanus wasn’t as hot as it is today, so you had to build units that are finished well,” Savory says. Stacked Miele or LG washer-dryers are also standard, as there’s no common laundry room. “I think the overall monthlies are extremely low because of the size of the building,” Savory says, referring to the common charges that are just above $1 per square foot. Until 2026, residents also benefit from a 421A abatement that reduces their property tax burden. As far as prices, they start around $600,000 for studios and range from $750,000 to $950,000 for one bedrooms. Most recently, two-bedroom units have sold for around $1.2 million to $1.3 million, and three bedrooms have sold for $1.5 million to $1.9 million. On the backside of the building, the shared patio is protected from noise on 4th Avenue and has weatherproof seating. The residents’ lounge, with a pool table, looks out onto this space, and below it is the kids’ playroom with a skylight ceiling. There’s also a fitness center and a pharmacy on the ground floor, around the corner from the public parking garage. But for Savory, the most important amenity is the full-time door attendant. “If you have a gym in your building, you might still use your gym membership. Even if there’s a roof deck, you might still leave to the park to see your friends,” he says. “But the doorman is something that everyone says, ‘that’s really important to me.’” Residents have access both to Park Slope’s dining scene — with restaurants lining 5th Avenue — and the conveniences of Gowanus — which has a Whole Foods and a Lowe’s, both with parking lots. A few blocks east, Barbès serves live music and drinks, and a little bit farther, Prospect Park has walking trails, open lawns, play areas and a zoo. There are also farmers’ markets at the north and south ends of the park, and a botanic garden on the east side. Two blocks north, the 9th Street subway station has the F, G and R trains, which are convenient for getting around Brooklyn and the lower half of Manhattan. Both 4th and 5th avenues have bus routes, and the Gowanus Expressway has an on-ramp nearby to reach Manhattan via the Hugh L. Carey Tunnel, or head east or south in Brooklyn. On the 12th Street side of the building, there’s also a CitiBike dock for cycling around town.