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Ariel Closes $18M Sale of Gowanus Development Site

Ariel Property Advisors arranged the sale of a 59,995-buildable-square-foot development site, including 6,000 square feet of air rights, at 224 3rd Ave. in the Gowanus neighborhood of Brooklyn for $17,800,000. The site had approved plans to build an 11-story mixed-use building that will be amended to accommodate the additional air rights. The project also came with a vested 421a tax abatement and an estimated $3 million in Brownfield Tax Credits.

An Ariel team led by partner Sean R. Kelly, director Stephen Vorvolakos and associate director Nicole Daniggelis represented the seller, Slate Property Group. The buyer was Zelig Weiss of AZW Realty.

“This is our second development site sale in Gowanus in just a few weeks, following the sale of 284 4th Ave.,” said Kelly. “The Gowanus Rezoning continues to drive demand for new residential and mixed-use projects, making well-located sites like 224 3rd Ave. highly attractive to developers and investors.”

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Ariel Property Advisors' Kelly

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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