Ariel Property Advisors arranges $20 million sale of development site

Brooklyn, NY Ariel Property Advisors (Ariel) announced the $20 million sale of a large development site at 224-240 Clarkson Avenue in the Prospect Lefferts Gardens neighborhood.

An Ariel team comprised of Sean Kelly, Esq., partner; Shimon Shkury, president and founder; and Lawrence Sarn, director, represented the seller, Albert Rabizadeh.

The site offers up to 150,300 buildable s/f through the City of Yes Universal Affordability Preference (UAP) program and is eligible for Opportunity Zone tax benefits.

"Prospect Lefferts Gardens has seen significant growth in the last 10 years and the sale of 224-240 Clarkson Avenue is a textbook example of how the City of Yes initiative is having a direct and immediate impact on the housing market," said Kelly. "The ability to achieve over 150,000 buildable s/f was a direct result of the zoning initiative’s Universal Affordability Preference program, which significantly enhanced the site's value and scale. The intense competition for this asset, with over a dozen bids, demonstrates that developers are actively seeking out these newly created opportunities to bring more housing to prime Brooklyn neighborhoods."

Ariel Property Advisors is extremely active in the Brooklyn market, having arranged the sale of development sites across the borough totaling over 1.5 million buildable s/f. This year alone, Ariel has sold Brooklyn development sites totaling over 300,000 buildable s/f, with another 290,000 buildable s/f in contract, and is currently marketing 600,000 buildable s/f of development listings.

The 224-240 Clarkson Avenue site is in an ideal Brooklyn location near Prospect Park, Kings County Hospital, SUNY University Hospital - Downstate, and transportation options including the 2 and 5 trains at the Winthrop Street station.