NEW YORK CITY—Developers Adam America Real Estate and Slate Property Group are reportedly in contract to acquire parcels on Nevins and Livingston streets in Downtown Brooklyn for more than $50 million.

The partners plan to purchase 8-14 and 16 Nevins St. and 299 and 301 Livingston St. and develop condominiums at the site, according to the Real Deal. Adam America and Slate can tap into more than 180,000 buildable square feet at the properties, says Slate co-founder Martin Nussbaum.

The properties are being sold by investor Israel Neiman and investors affiliated with the Colibri Group, which acquired the properties in 2013 from Bushburg Properties in a deal reportedly valued at $16.7 million.

Adam America and Slate have been partners in the past on Brooklyn rental and condo developments. For example the Midtown East-based companies co-developed 51 Jay St. and 120 Union Ave. Adam America entered the Queens market last month with the $43.5-million purchase of 22-12 Jackson Ave. in Long Island City. The company intends to raze the existing property there and build a residential condominium tower at the site. A Slate spokesperson declined to comment to GlobeSt.com. Adam America could not be reached by press time.

In March of this year, Globest.com reported exclusively that Slate Property Group and Avenue Realty Capital acquired a mixed-use apartment building at 401 E. 50th St. in Manhattan for nearly $14 million. Slate plans to reposition the building into a high-end rental property after purchasing the fee-simple interest in the 15,984-square-foot property, with 2,125 square feet of retail space.

The deal to acquire 8-14 and 16 Nevins St. and 299 and 301 Livingston St. is expected to close in the next several months. Thereafter, it is expected that Adam America-Slate will demolish the four existing buildings at the site to make way for the new residential development. See story in the Real Deal.