Berman, Shkury, Tortorici, and Sozio of Ariel Property Advisors secure $11 million sale; Plans for 23-story, 254-unit rental building on Flatbush Avenue

Ariel Property Advisors has arranged the sale of a development site for a planned 23-story, 254-unit rental building at 626 Flatbush Ave., one block east of Prospect Park in the Prospect Lefferts Gardens section of the city. The property sold for $11 million. The sales team of Jonathan Berman, Shimon Shkury, Michael Tortorici, and Victor Sozio served as exclusive agents for the seller, a private investor, and procured the buyer, Hudson Companies, which will set aside 20% of the units for affordable housing. "The interest this development site generated exemplifies the growing popularity of emerging neighborhoods throughout Brooklyn," said Berman, VP of Ariel Property Advisors. "We believe the positive economic benefits of this new development will be a game changer for Prospect Lefferts Gardens." The property features 100 feet of frontage on Flatbush Ave. and a rear parking lot totaling 52,265 s/f, and is located near the Prospect Park Zoo, Brooklyn Botanic Garden, and two blocks from the B, Q and S subway lines. The deal had to overcome several major hurdles before closing including resolving an easement issue and relocating several commercial tenants. "Exciting things are happening in Brooklyn as rental and condo values are quickly catching up with Manhattan," said Shkury, president of Ariel Property Advisors. "In response to this demand, our firm has expanded its Brooklyn operation and added additional brokers to our sales team."