Sean R. Kelly, Esq.
Partner
Ariel Property Advisors
Stephen Vorvolakos
Director - Investment Sales
Ariel Property Advisors
Nicole Daniggelis
Associate Director - Investment Sales
Ariel Property Advisors
NEW YORK, NY – September 25, 2025 – Ariel Property Advisors (Ariel) has arranged the sale of a Park Slope development site assemblage located at 67-75 4th Avenue and 77 St. Marks Place in Brooklyn for $24 million, or $283/BSF.
Ariel Property Advisors arranged the $24 million sale of a Park Slope development site located at 67-75 4th Avenue and 77 St. Marks Place in Brooklyn.
The transaction includes a combined 84,780 buildable square feet mixed-use site and falls under the city’s Mandatory Inclusionary Housing (MIH) provisions.
An Ariel team led by Sean R. Kelly, Esq., Partner, Stephen Vorvolakos, Director, and Nicole Daniggelis, Associate Director, represented the seller, United Elite Group.
"Achieving a sale price of $283 per buildable square foot for this site, which is designated for Mandatory Inclusionary Housing, underscores the robust and continued demand we’re seeing for development opportunities in Brooklyn," said Kelly. “Park Slope and Gowanus, in particular, combine strong fundamentals, excellent transit access, and dynamic neighborhoods that continue to attract significant developer interest.”
The transaction highlights Kelly and Ariel’s leading role in Brooklyn’s development market. Recent transactions in the area include:
• 544-550 Union Street, Gowanus – 21,600 BSF site for a condo development for $9 million ($417/BSF). • 224 3rd Avenue, Gowanus – 59,995 BSF site (with 6,000 SF of air rights) for $17.8 million ($296/BSF). • 284 4th Avenue, Gowanus – 33,261 BSF residential development site for $7.85 million ($236/BSF). • 125 3rd Street, Gowanus – 101,852 BSF mixed-use development site for $29.5 million ($290/BSF). • 450 Union Street, Gowanus – 142,500 SF development site for $40.65 million ($285/BSF).
Situated on the east side of 4th Avenue between Bergen Street and St. Marks Place, the Park Slope development site offers exceptional frontage and is in close proximity to Barclays Center, Atlantic Terminal, multiple subway lines, Prospect Park, and the neighborhood’s diverse dining, retail, entertainment, and cultural scene.
NOTE: For more information about the Brooklyn investment sales market, please see Ariel Property Advisors’ Brooklyn 2025 Mid-Year Sales Report.
