Tropp, Spinelli and Berman of Ariel sell two development sites for $3.675 million

Brooklyn, NY Ariel Property Advisors arranged the sale of two development sites in the borough totaling $3.675 million. Both properties are located in the Bushwick. Exclusive agents Daniel Tropp, Mark Spinelli and Jonathan Berman represented the sellers and procured buyers, who were private investors, in both transactions. “Bushwick has become a prime destination for development due to the healthy market and a price per buildable s/f that enables investors to capitalize on this continuously evolving neighborhood,” said Tropp, vice president at Ariel Property Advisors. “Bushwick makes up for a staggering 20% of all total developments in Brooklyn. 18 residential projects have been filed in Bushwick this year, bringing 1,328 new units to the area.” 721 Hart St., a vacant two-family building consisting of 1,760 s/f, sold for $1.375 million. Given the site’s R6 zoning which provides 5,500 buildable s/f, the sales price translates to $250 per buildable s/f. Located between Central and Wilson Aves. the property is near the M train at the Central Ave. station. 1229 Putnam Ave., which measures 60’ x 100’, is located on Putnam Ave. between Evergreen and Central Aves. The site sold for $2.3 million which translates to $174 per buildable s/f. Zoned R6, its 2.2 FAR allows approximately 13,200 buildable s/f, as-of-right, for residential use. The lot contains an existing one-story building, which was delivered vacant. Both 721 Hart St. and 1229 Putnam Ave. are in close proximity to the Rabsky Group’s Rheingold development, which is planned to consist of 977 units across 10 buildings on the Montieth St. site.