NEW YORK, NY – September 13, 2017 – Ariel Property Advisors facilitated the sale of 91-95 Diamond Street, a development site/residential building assemblage located in the Greenpoint section of Brooklyn. The property grouping sold for $5.855 million, translating into an impressive $390 per buildable square foot.

The development site at 91-93 Diamond Street and two-family home at 95 Diamond Street, which together boast frontage of 75 feet, were delivered vacant. Zoned R6B, the development site’s 2.0 floor area ratio allows 15,000 buildable square feet, as-of-right, for residential use. Located between Norman and Nassau Avenue, the assemblage is a short distance from the G train.

Exclusive agents Daniel Tropp, Michael A. Tortorici and Jonathan Berman represented the seller and procured the buyer.

“Demand in the Greenpoint condominium market has outpaced new supply in recent years and 91-95 Diamond Street presented a rare opportunity for a developer to obtain sizeable footage in a highly sought-after neighborhood,” said Daniel Tropp, Director at Ariel Property Advisors.

Indeed, Greenpoint’s condominium market has experienced rapid growth, with sellouts soaring above $1,400 per square foot, and a deluge of development projects have recently been completed or are underway, including Greenpoint Landing, 161 West Street, and Gibralter Condominiums.

In addition to its proximity to the G train, which offers service to the Citigroup Building in Long Island City as well as a connection to the 7 train for service to Manhattan, 91-95 Diamond Street is just steps away from a number of popular destinations in the neighborhood, such as the Henry Norman Hotel, McCarren Park, Five Leaves, the Greenpoint Fish & Lobster Co., and McGolrick Park.