News:
Brokerage
Posted: October 28, 2025
Ariel Property Advisors arranges $24 million sale of Park Slope development site
Brooklyn, NY Ariel Property Advisors (Ariel) has arranged the sale of a Park Slope development site assemblage located at 67-75 4th Ave. and 77 St. Marks Pl. for $24 million, or $283 per buildable s/f.
The transaction includes a combined 84,780 buildable s/f mixed-use site and falls under the city’s Mandatory Inclusionary Housing (MIH) provisions.
An Ariel team led by Sean Kelly, Esq., partner, Stephen Vorvolakos, director, and Nicole Daniggelis, associate director, represented the seller, Tolib Mansurov. The buyer was Shimon Kleinman.
“Achieving a sale price of $283 per buildable s/f for this site, which is designated for Mandatory Inclusionary Housing, underscores the robust and continued demand we’re seeing for development opportunities in Brooklyn,” said Kelly.
“Park Slope and Gowanus, in particular, combine strong fundamentals, excellent transit access, and dynamic neighborhoods that continue to attract significant developer interest.”
The transaction highlights Kelly and Ariel’s leading role in Brooklyn’s development market. Recent transactions in the area include:
- 544-550 Union St., Gowanus – 21,600 buildable s/f site for a condo development for $9 million ($417 per buildable s/f).
- 224 3rd Ave., Gowanus – 59,995 buildable s/f site (with 6,000 s/f of air rights) for $17.8 million ($296 per buildable s/f).
- 284 4th Ave., Gowanus – 33,261 buildable s/f residential development site for $7.85 million ($236 per buildable s/f).
- 125 3rd St., Gowanus – 101,852 buildable s/f mixed-use development site for $29.5 million ($290 per buildable s/f).
- 450 Union St., Gowanus – 142,500 s/f development site for $40.65 million ($285 per buildable s/f).
Situated on the east side of 4th Ave. between Bergen St. and St. Marks Place, the Park Slope development site offers frontage and is in close proximity to Barclays Center, Atlantic Terminal, multiple subway lines, Prospect Park, and the neighborhood’s dining, retail, entertainment, and cultural scene.
Tags:
Brokerage
New York City
MORE FROM Brokerage
GFP Real Estate continues leasing momentum at 322 Eighth Ave. with 9,952 s/f of transactions
Manhattan, NY GFP Real Estate closed three office leasing transactions totaling 9,952 s/f at 322 Eighth Ave. in Chelsea, highlighting continued leasing momentum at the recently repositioned office
Quick Hits
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
.gif)
August Promotion
