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Ariel Property Advisors Closes $12.8 Million Sale of Development Opportunity in Downtown Brooklyn


Sean R. Kelly, Esq.
Partner
Ariel Property Advisors

Michael A. Tortorici
Founding Partner
Ariel Property Advisors

Stephen Vorvolakos
Director - Investment Sales
Ariel Property Advisors

NEW YORK, NY – May 18, 2022 – Ariel Property Advisors has arranged the $12.8 million sale of a premier development site offering 41,538 BSF in an Opportunity Zone at 127 Concord Street in Downtown Brooklyn. The buyer, GW Equities, LLC, plans to build a 13-story, mixed-use building with 73 residential units and one commercial unit.



127 Concord Street (Rendering)

The property was sold by an Ariel team including Sean R. Kelly, Esq. Partner; Michael A. Tortorici, Founding Partner; and Stephen Vorvolakos, Director.


“Since the middle of 2021 developers seeking to construct rental buildings began to focus only on sites that were already in the process of securing a 421-a Affordable New York tax abatement or believed they could meet the June 2022 deadline when the program is scheduled to sunset,” said Kelly. “That, combined with a strong post-Covid rental market, allowed our team to create a very competitive bidding process and quickly get this into contract.”


Tortorici continued, “We were very pleased with the enthusiastic response developers had to this offering. The sales price of over $300 per buildable square foot is truly indicative of the market’s ever growing confidence in Brooklyn development opportunities post-Covid. Ten years ago rents in Downtown Brooklyn were $40-$45 per square foot and they’re now in the high $60s to low $70s. They’re up 20% over pre-Covid levels.”


Situated at the crossroads of Brooklyn Heights, Downtown Brooklyn and DUMBO, 127 Concord currently houses a two-story, 7,650-square-foot warehouse on a lot measuring 50’ x 138’.


In the last decade There have been more than 12,000 units of new development between these three neighborhoods and absorption has never been a concern from developers. Major residential properties in the development site’s immediate vicinity include The Amberly, Brooklyn Point, 11 Hoyt, The Hub, 300 Ashland, the Toren, the Oro, Avalon Fort Greene and JDS’s 9 Dekalb, which is slated to be Brooklyn’s tallest skyscraper upon completion.


The property is near educational institutions including City College of Technology, NYU’s Tandon School of Engineering and LIU-Brooklyn; commercial and retail hubs including MetroTech, Fulton Mall, City Point and Atlantic Mall; and parks and entertainment venues including Brooklyn Bridge Park, the Brooklyn Academy of Music and Barclays Center.



For more information, please contact: Sarah Berman at 212.450.7300 or sberman@bermangrp.com.

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Ariel Property Advisors

Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: investment sales, capital services and research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc.


Media Contact

Gail Mitchell Donovan, Senior Director - 
                          Communications, Ariel Property Advisors

Gail Mitchell Donovan

Senior Director - Communications

212.544.9500 ext. 19

gdonovan@arielpa.com

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