NEW YORK, NY – July 3, 2025 – Ariel Property Advisors (Ariel) has arranged the sale of two adjacent lots totaling 21,600 BSF at 544-550 Union Street in Gowanus, Brooklyn, for $9 million, or $417/BSF, marking the firm's third development site transaction in the neighborhood this year.
An Ariel team led by Sean R. Kelly, Esq., Partner, Stephen Vorvolakos, Director, and Nicole Daniggelis, Associate Director, represented the seller of the site, which currently holds three structures housing seven commercial and residential units on two 40-foot wide lots.
"The sale of 544-550 Union Street is our team’s third development sale in Gowanus since the beginning of the year with three more pending,” Kelly said. “This type of activity demonstrates the strong market response to the area's rezoning and government incentives, which are effectively encouraging the creation of new housing.”
Kelly and his team have secured the four highest price-per-buildable sales in the Gowanus neighborhood, cementing the firm's active and leading role in the area’s development market.
Earlier this year, Kelly and his team sold 224 3rd Avenue, a 59,995 BSF site, which includes 6,000 SF of air rights, for $17.8 million ($296/BSF), and 284 4th Avenue, a 33,261 BSF residential development site that traded for $7.85 million ($236/BSF). In previous years, Kelly sold a mixed-use development site offering 101,852 BSF at 125 3rd Street in Gowanus for $29.5 million ($290 /BSF), and a development site with a 142,500 SF zoning floor area at 450 Union Street for $40.65 million ($285/BSF).
Approved in November 2021, the Gowanus rezoning is expected to create approximately 8,500 units of housing, of which about 3,000 will be permanently affordable. The rezoning and tax incentives have fueled a surge in high-rise residential and mixed-use projects that are transforming the neighborhood.
NOTE: For more information about the Brooklyn investment sales market, please refer to Ariel’s latest research reports covering the New York City investment sales market: Ariel Property Advisors’ Brooklyn 2024 Year-End Commercial Real Estate Trends report and Multifamily Year in Review New York City 2024.
