Ariel Property Advisors arranges $31 million sale of 245 Duffield St. development site

Brooklyn, NY Ariel Property Advisors (Ariel) arranged the $31 million sale of a 100,056 buildable s/f mixed-use development site located at 245 Duffield St., next to Abolitionist Place Park, around the corner from City Point, and one block from MetroTech.

An Ariel team composed of Sean Kelly, Esq., partner, Stephen Vorvolakos, director, and Nicole Daniggelis, associate director, represented the seller. The buyer is Steven Shi of Golden Stone Management, a Queens-based developer who plans to build condos on the site.

“With a prime location and significant scale, 245 Duffield St. was a premier development opportunity in Downtown Brooklyn,” said Kelly. “There was substantial interest in the site, and we were able to identify the right buyer after a thorough bidding process. This also marks the developer’s first Brooklyn project.”

The well-located development site sits on a 98’ x 85’ lot located on the east side of Duffield St., between Willoughby and Fulton Sts. The site is also situated within an economic Opportunity Zone in NYC’s second largest central business district, with an abundance of shopping options, restaurants, schools, and entertainment venues nearby.

Several major residential developments have been built in the immediate area, including The Brooklyn Tower, Brooklyn Point, The Azure, 11 Hoyt, The Paxton, and others. The site is also near a transit hub served by numerous subway lines.

The sale marks the 11^th development site the Ariel team has sold in Brooklyn and Queens this year alone with three more in contract. Together the development sites total close to one million buildable s/f and have a value of nearly $200 million. 

The sale of 245 Duffield St. highlights Kelly and Ariel’s leading role in Brooklyn’s development market. Recent notable transactions in the area includes:

• 67-75 4^th Ave. and 77 St. Marks Place, Park Slope - development site assemblage for $24 million ($283per buildable s/f).

• 544-550 Union St., Gowanus – 21,600 buildable s/f site for a condo development for $9 million ($417 per buildable s/f).

• 224 3^rd 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 4^th Ave., Gowanus – 33,261 buildable s/f residential development site for $7.85 million ($236 per buildable s/f).

• 125 3^rd 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).