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Williamsburg Site Trades for Condo Development

Ariel Property Advisors has arranged the sale of a premier development site at 102-106 North 1st St. in Williamsburg, Brooklyn for $13 million. Ariel represented the seller, Loeffler Properties LLC, and procured the buyer, EDRE Development, which intends to deliver condominiums at the location. The Ariel team that arranged the sale included Sean Kelly and Matthew Davis.

Since January of 2020 there have been only seven sales of development sites that allow for residential development in the section of Williamsburg west of the Brooklyn Queens Expressway between Broadway and McCarren Park. Only three of those sales were for more than $5 million.  

 “Development growth in Williamsburg has been rapid and there is pent-up demand from developers who were cautious during the height of Covid. The Williamsburg market neighborhood is poised for further success and we’re already seeing residents return, retail reopening and vacant space being absorbed,” said Davis.


Inside The Story


About Paul Bubny

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 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).

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