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Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot.
The transaction was arranged by Ariel partner Sean R. Kelly along with associate director Nicole Daniggelis and director Stephen Vorvolakos, who represented the seller, a long-term owner. The property was acquired by Haussmann Development, led by Josef Goodman and Jake Sokol.
The site is located within the Atlantic Avenue Mixed-Use Plan, a major rezoning initiative that was approved in May 2025 with the goal of facilitating the construction of 4,600 new homes.
“The Atlantic Avenue rezoning is creating a meaningful new development corridor in a part of Brooklyn that continues to see strong residential demand,” said Kelly. “The site offered the buyer significant scale, a prominent corner location and the opportunity to participate in the continued transformation of Prospect Heights and the broader Atlantic Avenue corridor.”
- ◦Sale/Acquisition
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