Ariel Brings Downtown Brooklyn Parcel to Market
Ariel Property Advisors has been hired to sell 285-287 Livingston St., a development site at the center of Downtown Brooklyn. Ownership is requesting proposals for the favorably-zoned block-through property.
The site has a footprint of 5,000 square feet, with an FAR of 10.0 for use as a residential, community facility, office and/or hotel. By utilizing an inclusionary housing bonus, which increases the total FAR to 12.0, the maximum potential buildable area ranges between 60,000 and 66,000 square feet.
Sean R. Kelly, Michael A. Tortorici and David Khukhashvili of Ariel are representing the seller.
“There are only a handful of development sites readily available in Downtown Brooklyn, and demand remains strong,” said Kelly. “Despite some chatter about an ‘oversupply’ of rentals and condos, Downtown Brooklyn’s residential market continues to deliver peak pricing.”
Any absorption concerns “will be short-lived as there is not a deep pipeline, particularly for condominiums,” he added.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition