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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.”
- ◦Sale/Acquisition

