Gilbane Development Acquires Sheepshead Bay Site Suited to Large-Scale Affordable Housing
Ariel Property Advisors has arranged the $37-million sale of 2185 Coyle St., a mixed-use development site offering 408,400 buildable square feet on a 96,000-square-foot lot in the Sheepshead Bay neighborhood of Brooklyn. The recently rezoned property is ideally suited for a large-scale affordable housing development.
An Ariel team comprised of founding partners Victor Sozio and Michael A. Tortorici; partner Sean R. Kelly, president and founder Shimon Shkury and director Remi Mandell arranged the transaction on behalf of the seller, a joint venture between AAG Management and ABS Partners. Gilbane Development acquired the property.
“The recent rezoning created a significant opportunity to bring new affordable housing development to the Sheepshead Bay neighborhood,” said Sozio. “The site’s scale and development potential made it an attractive opportunity for the buyer and we were pleased to work with all parties to facilitate this transaction.”
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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
Lenders
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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