NEW YORK, NY – June 17, 2021 – Ariel Property Advisors has arranged the sale of a premier development site at 102-106 North 1st Street in Williamsburg, Brooklyn for $13 million. Ariel represented the seller Loeffler Properties LLC and procured the buyer EDRE Development, which intends to deliver condominiums at the location. The Ariel team that arranged the sale included Sean Kelly, Esq., Senior Director, Investment Sales, and Matthew Davis, Director, Investment Sales.

Located in a highly desirable area near the Williamsburg waterfront, 102-106 North 1st Street is also six blocks from the Bedford Avenue L Train Station. The site, zoned R6A/M1-2, comprises two parcels in addition to 2,320 square feet of air rights, totaling 32,919 buildable square feet on a 11,125-square foot lot located on the corner of North 1st and Berry Streets. Since January of 2020 there have been only seven sales of development sites that allow for residential development in the section of Williamsburg west of the BQE between Broadway and McCarren Park. Only three of those sales were for more than $5 million.

“There is perhaps no hotter location for residential or mixed-use development in Brooklyn than Williamsburg and this acquisition was the perfect size and location for EDRE as they continue to focus on developing condominiums in strong markets in Brooklyn,” said Kelly. “This area is in high demand from homeowners, business owners and renters alike due to the dynamic range of entertainment, dining, bars, art and retail right at one’s doorstep.”

In addition to the globally recognized dining and nightlife in the immediate vicinity of the property, notable commercial tenants in the area include Apple and Whole Foods. The site is also near the renowned Domino Sugar Factory development that will continue to drive economic growth and foot traffic in the neighborhood.

“Development growth in Williamsburg has been rapid and there is pent-up demand from developers who were cautious during the height of Covid. The Williamsburg market neighborhood is poised for further success and we’re already seeing residents return, retail reopening and vacant space being absorbed,” said Davis.