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New York & Tri-State  + Outer Boroughs  + Apartments  | 

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-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 11-15 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
  • ◦Development
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