
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.”
- ◦Sale/Acquisition