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This development site at 450 Union St. in Brooklyn's Gowanus neighborhood sold for $40.65 million

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. 

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Ariel Property Advisors

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
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