
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.
- ◦Sale/Acquisition
- ◦Development