NEW YORK, NY – October 20, 2026 – Ariel Property Advisors (Ariel) announced it has arranged the $37 million sale of 2185 Coyle Street, a mixed-use development site offering 408,400 buildable square feet on a 96,000-square-foot lot in the Sheepshead Bay neighborhood of Brooklyn. The recently rezoned property is ideally suited for a large-scale affordable housing development.

An Ariel team comprised of Founding Partners Victor Sozio and Michael A. Tortorici; Partner Sean R. Kelly, Esq; President and Founder Shimon Shkury; and Director Remi Mandell arranged the transaction on behalf of the seller, a joint venture between AAG Management and ABS Partners. Gilbane Development acquired the property.

Citywide, buildings with 75%+ free market units accounted for 63.1% of dollar volume in the third quarter. Buildings with 75%+ rent-stabilized units represented 19.2% of the market and affordable housing 8.3%. 

“The recent rezoning created a significant opportunity to bring new affordable housing development to the Sheepshead Bay neighborhood,” Sozio said. “The site’s scale and development potential made it an attractive opportunity for the buyer and we were pleased to work with all parties to facilitate this transaction.”

Located in southern Brooklyn, Sheepshead Bay, the property is near several neighborhood amenities and green spaces, including Marine Park, Brooklyn’s largest park. The area combines a scenic waterfront and well-known seafood restaurants with a mix of historic architecture, modern residential development and established commercial corridors. Its residential appeal and neighborhood amenities make it an important part of Brooklyn’s broader housing landscape.

The sale of 2185 Coyle Street highlights the potential of recently rezoned development sites to support new housing opportunities in New York City. The property’s recent rezoning and designation as a Mandatory Inclusionary Housing (MIH) create opportunities for substantial new residential development, particularly as demand for affordable housing continues to shape the development landscape.

NOTE:For more information about the Brooklyn investment sales market, please see Ariel Property Advisors’ Brooklyn 2026 Mid-Year Commercial Real Estate Trends report.