Ariel Property Advisors announced it has closed two investment sales transactions in Brooklyn, including the sale of a mixed-use development site in Cobble Hill as well as two mixed-use properties in Bushwick, for a combined price of over $10 million. With these latest transactions, Ariel’s Brooklyn team has closed deals totaling more than $55 million in recent weeks.
“The demand for properties and development sites remains strong throughout Brooklyn as buyers recognize the long-term investment value the borough offers,” said Sean R. Kelly, Esq. Partner, Ariel Property Advisors. “We’re pleased to finalize the sale of these latest Brooklyn neighborhood transactions on behalf of our clients and anticipate additional investment activity throughout the borough during the remainder of the year.”
The closed transactions include:
232 Smith Street, Cobble Hill. Ariel arranged the $5,050,000 sale of a rare corner development site in Brooklyn’s Cobble Hill. Zoning for the 50’ x 100’ lot will allow for a 10,000 buildable square foot mixed-use project in one of the most desirable locations in Brooklyn. The property is the only 5,000-square-foot vacant corner lot on Smith Street and is within a two block radius of the Bergen Street F & G subway stations and Carroll Park.
An Ariel team including Sean R. Kelly, Esq. Partner; Nicole Daniggelis, Associate Director; Stephen Vorvolakos, Director; Shimon Shkury, President and Founder; and Victor Sozio, Founding Partner, represented the seller in the transaction.
105 and 153 Wilson Avenue, Bushwick. Ariel also arranged the $5,100,000 sale of two mixed-use, fully occupied properties in a prime section of Brooklyn’s Bushwick neighborhood, comprised of the following two buildings:
- 105 Wilson Avenue. The 4,500-square-foot property is a three-story walk-up, featuring ground floor retail and four, three-bedroom/two bathroom free market apartments above. The ground floor retail is occupied by a local Japanese restaurant.
- 153 Wilson Avenue. The 4,875-square-foot building is a three-story walk-up, featuring one store on the ground floor and six free market apartments above. Four apartments contain 2.5 bedrooms with two bathrooms, one apartment is a two bedroom/two bathroom duplex with access to the backyard and the remaining unit is a one bedroom/one bath duplex also with access to the backyard. The ground floor retail is occupied by a local barber shop.
An Ariel team including Dov Chein, Director; Benjamin Vago, Esq., Director; and Victor Sozio, Founding Partner, represented the seller in the transaction.
Ariel previously announced the closing of a 421a vested development site offering 101,852 buildable square feet at 125 3rd Street in Gowanus for $29.5 million; a corner development site offering 75,000 buildable square feet as of right within an opportunity zone at 2251 Nostrand Avenue in Central Brooklyn for $12.8 million; and a 5,480-square-foot corner mixed-use building at 65 Woodhull Street in Carroll Gardens for $2.9 million.
NOTE: For more information about the Brooklyn market, please refer to Ariel Property Advisors’ Brooklyn 2023 Mid-Year Commercial Real Estate Trends report, which is available here.
About Ariel Property Advisors
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: Investment Sales, Capital Services and Research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc.
