Ariel Property Advisors arranges $7 million sale of 22,500 s/f development site

Brooklyn, NY Ariel Property Advisors (Ariel) has arranged the $7,050,000 sale of 749 Van Sinderen Ave., a development site in the East New York neighborhood. The 22,500 s/f lot was rezoned from M1-1 to C4-4L, resulting in 103,500 buildable s/f of mixed-use development potential.

An Ariel team led by Sean Kelly, Esq., partner, along with Stephen Vorvolakos, director, and Gabriel Elyaszadeh, senior associate, represented the seller. Josh Malekan of Venture Capital Partners represented the buyer.

The sale marks the 10^th development site the Ariel team has sold in Brooklyn and Queens this year alone with four more in contract. Together the development sites total close to one million buildable s/f and have a value of nearly $200 million.

“This transaction reflects the growing momentum we’re seeing in emerging Brooklyn submarkets like East New York,” said Kelly. “By navigating a successful ULURP rezoning process, the sellers unlocked significant development potential for a project that will deliver much-needed affordable housing to the city.”

The property currently contains several one-story warehouse buildings and sold for approximately $68 per buildable s/f. The buyers plan to construct a large-scale, mixed-use affordable housing development, contributing to ongoing efforts to address the city’s housing shortage and further revitalize the East New York corridor.

Located on the east side of Van Sinderen Ave. between New Lots Ave. and Linden Blvd., the site offers 250 ft. of frontage and accessibility, near the New Lots Avenue L train station and B15 bus line, and the Belt Pkwy.