New York & Tri-State + Outer | September 18, 2018

Ariel Markets Parcels in Prospect Lefferts Gardens

Ariel Property Advisors has been retained for a pair of assignments on development sites in Brooklyn’s Prospect Lefferts Gardens neighborhood. An Ariel team of Jonathan Berman, Daniel Tropp and Matthew Lev is representing ownership in marketing the ground lease on a large development site (pictured) at 482-504 Utica Ave.

Ownership is requesting proposals on the 482-504 Utica site, which offers 96,000 buildable square feet for use as a community facility.

Berman, Tropp and Alexander McGee are also marketing a vacant development site at 538-540 Empire Blvd., which offers 14,157 square feet and comes with an opportunity to purchase additional air rights. The asking price is $2.6 million.

“Prospect Lefferts Gardens is experiencing stable rent growth and as a result, development opportunities continue to generate strong returns,” Berman said.

Both sites are convenient to nearby retail corridors and to mass transit options.

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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).

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