Gowanus Rezoning Yields Two More Development Deals
Last November’s rezoning of Brooklyn’s Gowanus neighborhood continues to yield sales of development sites. The latest example is a deal completed by Ariel Property Advisors for a site with a 142,500-square-foot zoning floor area at 450 Union St. It traded for $40.65 million or $285 per buildable square foot, setting a new record for a Gowanus site with a Mandatory Inclusionary Housing requirement.
An Ariel team of Sean R. Kelly and Stephen Vorvolakos represented the seller, Pilot Real Estate Group. The buyer was Tankhouse LLC.
“This transaction illustrates the tremendous value created by the Gowanus rezoning, which will bring much-needed housing to Brooklyn as well as connect the brownstone neighborhoods west of the canal to Park Slope,” Kelly said.
Also in Gowanus, Kelly and Vorvolakos arranged a joint venture on behalf of Sterling Town Equities and Orange Management, Inc. for the $21.6-million acquisition of a site at 125 3rd St.
- ◦Sale/Acquisition