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Gowanus Development Site Changes Hands
Ariel Property Advisors arranged the sale of 284 4th Ave., a 33,261-square-foot residential development site located between 1st Street and Carroll Street along the 4th Avenue corridor in the Gowanus section of Brooklyn. The property traded for $7,850,000, or $236 per buildable square foot.
An Ariel team comprised of partner Sean R. Kelly, director Stephen Vorvolakos and associate director Nicole Daniggelis arranged the sale on behalf of the seller, Francis Leung. The buyer in the transaction was Abraham Waldman.
“Our client originally intended on developing the site, so had conducted some necessary pre-development work,” Kelly said. “In addition to filing permits, conducting environmental site assessment work, they also certified for the 421a tax abatement. This predevelopment work allowed for the buyer to get comfortable with signing a hard contract without any contingencies.”
The mid-block site is located within the Gowanus Rezoning area, which includes a Mandatory Inclusionary Housing requirement.
- ◦Sale/Acquisition
