The long-vacant corner lot at Fifth Avenue and Baltic Street in Park Slope has been cleared of overgrown vegetation and leveled, with an excavator and construction materials now staged on site ahead of groundbreaking for a six-story mixed-use residential building. The 2,333-square-foot parcel sold for $3.391 million and is expected to be done by fall 2028, according to an information board at the site.
A Vacant Corner Finally Gets Moving
As reported by New York YIMBY, the site was formerly vacant before crews moved in to prepare it for construction. The sale price works out to roughly $1,453 per square foot. One Baltic LLC is credited as the developer behind the project, though an architect has not yet been disclosed, and the number of condominium units remains unannounced.
The property is zoned R6A with a C1-4 commercial overlay, a designation that permits a maximum above-ground floor area of about 7,000 square feet on top of a 2,333-square-foot basement, per Coldwell Banker. That zoning explains the project's modest height: R6A contextual residential rules cap new construction at 60 to 70 feet so buildings fit in alongside the neighborhood's brownstones and rowhouses, according to the NYC Department of City Planning.
What the Building Will Look Like
Renderings photographed by Michael Young show a design with rectangular massing, stepped setbacks, and textured masonry cornices planned for the upper levels, per the same account from New York YIMBY. The facade is expected to combine red brick with arched windows and rounded corner terrace cutouts, while the ground floor will feature arched openings framing both the residential entrance and retail frontage. A list of residential amenities has yet to be disclosed.
Once complete, residents will be close to the 2 and 3 trains at the Bergen Street station just northeast along Flatbush Avenue, the outlet notes. Park Slope is part of Brooklyn Community District 6.
A Neighborhood Shaped by Decades of Change
The neighborhood endured severe arson and vacant-lot blight through the 1970s before grassroots organizing helped turn it around, according to City Limits. Local nonprofits, including the Fifth Avenue Committee, pushed to redevelop abandoned parcels in the area into affordable housing and commercial space, the outlet reports.
That legacy of advocacy is visible just steps away at 120 Fifth Avenue, where a 20,000-square-foot Lidl opened in December 2025 under a binding Community Benefit Agreement, ending a multi-year neighborhood grocery shortage, according to the Fifth Avenue Committee. The grocery store followed the demolition of a longtime Key Food and years of community pressure.
A Hot Market for New Condos
The new condo units will enter a market where Park Slope home sales have been competitive.
Demand for housing in the neighborhood has been especially intense this year. Park Slope recorded the highest share of competitive home sales in New York City in August 2026, with 61.3% of homes selling above asking price compared to 31.9% across Brooklyn as a whole, Hoodline previously reported.
Hoodline has also reported a 25-story, 272-unit proposal.
