New York & Tri-State + Outer | February 20, 2019

Ariel Facilitates 3 Brooklyn Development Deals

Ariel Property Advisors has facilitated the sale of three diverse development sites in the popular Brooklyn neighborhoods of Crown Heights, Ocean Hill and Bedford-Stuyvesant. The properties sold for a collective $7.175 million.

Largest of the deals by dollar volume was $4.5 million on an eight-unit building at 1321 Union St. in Crown Heights. Ariel’s Jonathan Berman and Michael Tortorici represented the seller and procured the buyer.

“With its great location in southern Crown Heights, this redevelopment opportunity for rental or condo units saw quick demand because of its size and location,” said Berman.

In Ocean Hill, Berman and Daniel Tropp arranged the sale of 2380 Dean St., a two-family home that was delivered vacant. It traded for $1.7 million.

Berman and Tropp teamed with Ariel’s Andre Sigourney to market a shovel-development site at 467 Tompkins Ave. in Bed-Stuy. For this $975,000 parcel, fully-approved development plans are in place.

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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 13-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 15-20 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).