Ariel Property Advisors arranges $11 million sale of 604 Union St.

Brooklyn, NY Ariel Property Advisors (Ariel) negotiated the sale of 604 Union St., a 41,406 buildable s/f mixed-use development site in the Gowanus neighborhood for $11 million, or $265 per buildable s/f.

An Ariel team led by Sean Kelly, partner, along with Stephen Vorvolakos, director, and Nicole Daniggelis, associate director, represented the seller, Simon Vays. The buyer was Zelig Weiss.

“The sale of 604 Union St. underscores the continued demand from investors and developers for well-located development opportunities in Gowanus,” said Kelly. “The neighborhood continues to experience tremendous momentum as rezoning, new projects and significant public and private investment reshape the area.”

The transaction further reinforces Ariel’s leadership in the New York City development site market. Over the past 12 months, Kelly’s team has closed or placed under contract 19 development site transactions totaling just under two million buildable s/f across Brooklyn and Queens. Within Gowanus alone, the team has completed 14 development site transactions, reflecting its deep market expertise throughout the neighborhood.

With a mix of restaurants, cafés, parks, and entertainment destinations, Gowanus has become one of the city’s most dynamic areas where residential rents average $95 per s/f and condominium sellouts have surpassed $1,600 per s/f.

Located on the south side of Union St. between Third and Fourth Aves., 604 Union St. is the former home of Dinosaur Bar-B-Que and occupies a desirable location in Gowanus. The site is on the same block as the Union Street subway station, providing direct access to the D, N, R and W subway lines, and is also near the B61 bus line, offering transportation throughout New York City’s five boroughs.