East New York Development Site Will Support Mixed-Use Affordable
Ariel Property Advisors arranged the $7,050,000 sale of 749 Van Sinderen Ave., a development site in the East New York neighborhood of Brooklyn. The 22,500-square-foot lot was recently rezoned from M1-1 to C4-4L, resulting in 103,500 buildable square feet of mixed-use development potential.
An Ariel team led by partner Sean R. Kelly, director Stephen Vorvolakos and senior associate Gabriel Elyaszadeh represented the seller. Josh Malekan of Venture Capital Partners represented the buyers, who plan to construct a large-scale, mixed-use affordable housing development.
“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 sale marks the 10th development site the Ariel team has sold in Brooklyn and Queens this year, with four more under contract.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout