Ariel Property Advisors (Ariel) has arranged the sale of 284 4th Avenue, a 33,261 BSF residential development site located between 1st Street and Carroll Street along the 4th Avenue corridor in the Gowanus section of Brooklyn. The property traded for $7,850,000, or $236/BSF.
An Ariel team comprised of Sean R. Kelly, Esq., Partner, Stephen Vorvolakos, Director and Nicole Daniggelis, Associate Director, arranged the sale on behalf of the seller, Francis Leung. The buyer in the transaction was Abraham Waldman.
“Our client originally intended on developing the site so had conducted some necessary pre-development work,” Kelly said. “In addition to filing permits, conducting environmental site assessment work, they also certified for the 421a tax abatement. This predevelopment work allowed for the buyer to get comfortable with signing a hard contract without any contingencies.”
Kelly noted that there is a strong appetite for mid-size rental buildings along this corridor in Brooklyn, which makes the 284 4th Avenue site an ideal location for a new residential development. On the corner to the north, construction is underway on 544 Carroll Street, a 17-story, 133-unit building. Meanwhile just to the south at 288 4th Avenue, there is a 14-story, 66-unit building in progress.
The mid-block site is located within the Gowanus Rezoning area which includes a Mandatory Inclusionary Housing (MIH) requirement. The Gowanus Rezoning has transformed the neighborhood from an industrial zone along the Gowanus Canal into a bustling residential and commercial area with bars, eateries and art galleries.
The site is a short walk from the largest Whole Foods market in Brooklyn and near multiple mass transit options, just two blocks from the Union Street R train station and located directly on the B103 bus line.
NOTE: For more information about the Brooklyn investment sales market, please refer to Ariel’s latest research reports covering the New York City investment sales market: Ariel Property Advisors’ Brooklyn 2024 Year-End Commercial Real Estate Trends report and Multifamily Year in Review New York City 2024.
About Ariel Property Advisors
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company offering expertise in three core areas: Investment Sales, Capital Services and Research & Advisory. Our Investment Sales Group specializes in all major commercial asset types throughout the New York metropolitan area, the Capital Services Group provides clients nationwide with custom-tailored financing solutions and the Research & Advisory team delivers timely market reports, empowering both our professionals and clients. Additionally, our recent strategic partnership with GREA (Global Real Estate Advisors), a nationwide network of independent real estate investment services companies, further expands our reach and capabilities. To learn more, please visit us at arielpa.nyc.
