Paseo on Fifth, the newly finished two-building mixed-use complex at 50 and 55 Paseo Place in Park Slope, has wrapped construction, delivering 180 rental apartments, a full-size supermarket and a fresh row of retail to the stretch between Fifth Avenue and Sterling Place. The project threads a landscaped paseo between the buildings, creating a tree-lined passage that links Fifth Avenue to Sterling Place and caps off the long-running redevelopment of the former Key Foods parcel.
Construction and scale
The roughly 300,000-square-foot development is split between a six-story 55 Paseo Place and a four-story 50 Paseo Place. Together, they bring about 180 rental units and approximately 45,000 square feet of commercial space, including a 25,000-square-foot Lidl. The 1.8-acre site is bordered by Fifth Avenue, Baltic Street and Gregory Place, as reported by New York YIMBY.
Homes and amenities
Inside, apartments come with in-unit washers and dryers, light oak wide-plank flooring, stainless steel kitchen appliances and quartz countertops, with some residences offering private terraces. Shared amenities include a fitness center and yoga studio, coworking lounges with private pods and a conference room, a children’s playroom, multiple social lounges and rooftop decks. Durukan Design handled the interiors, and the full amenity lineup is detailed on the project’s site at Paseo on Fifth.
Retail, parking and tenants
On the ground floor, the retail mix leans heavily into everyday convenience. A 25,000-square-foot Lidl is joined by a CVS and a Wells Fargo branch, and Planet Fitness has also signed on for space in the complex, according to reporting by Commercial Observer. Along Gregory Place, a 139-vehicle parking garage offers valet service and electric-vehicle charging, with both short-term and monthly options available, per New York YIMBY.
Leasing and market
Compass Development Marketing Group is overseeing leasing and marketing for the rentals at Paseo on Fifth. The smaller 50 Paseo Place functions as a four-story, 49-unit boutique building, while 55 Paseo Place holds 131 units, according to Compass. The 50 Paseo building leased up quickly last year, and 55 Paseo currently has active listings and scheduled tours through Compass’s platform.
What this means for Park Slope
Developers say the project, backed by partners including GreenBarn Investment Group, NTT UD USA Inc. and RITHM Capital, brings neighborhood-focused conveniences and hundreds of new rental households while keeping an off-avenue public paseo open, according to the project’s press materials. With construction now complete, the complex effectively finishes an ambitious mixed-use plan for the block and puts more retail, groceries and workspace within walking distance of Prospect Park and Barclays Center, per the development’s press release.
