Downtown Brooklyn Development Site Will Yield 13-Story Mixed-Use
Ariel Property Advisors has arranged the $12.8-million sale of a development site offering 41,538 buildable square feet in an Opportunity Zone at 127 Concord St. in Downtown Brooklyn. The buyer, GW Equities, LLC, plans a 13-story, mixed-use building with 73 residential units and one commercial unit.
The property was sold by an Ariel team including partner Sean R. Kelly, founding partner Michael A. Tortorici and director Stephen Vorvolako.
“Since the middle of 2021, developers seeking to construct rental buildings began to focus only on sites that were already in the process of securing a 421-a Affordable New York tax abatement or believed they could meet the June 2022 deadline when the program is scheduled to sunset,” said Kelly. “That, combined with a strong post-COVID rental market, allowed our team to create a very competitive bidding process and quickly get this into contract.”
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).