NEW YORK, NY – January 16, 2018 – Ariel Property Advisors has been exclusively retained to sell 250-266 46th Street, a large development site in the rapidly evolving Brooklyn neighborhood of Sunset Park. The asking price for the property is $6.5 million.

The site, situated between the Gowanus Expressway and 2nd Avenue, is at the epicenter of the new Sunset Park creative office area, and surrounded by Industry City and the Brooklyn Army Terminal. The lot boasts sizeable dimensions of 152’ x 100.17’, which spans approximately 15,226 square feet. Zoned M1-2D, the property allows for commercial development of 30,452 buildable square feet and a community facility of 73,085 buildable square feet. Residential development of 25,123 square feet is also possible through obtaining a variance,

Exclusive agents Aaron Warkov, Sean R. Kelly Esq., and David Khukhashvili are representing the owner.

The immediate area surrounding the property has been undergoing significant expansion and redevelopment, including Madison Realty Capital’s Whale Square, which is situated adjacent to Bush Terminal Piers Park along Sunset Park’s waterfront.

“This site’s enviable location, sheer size, and myriad of development opportunities all but guarantee price appreciation, making it an exceptional investment opportunity,” said Aaron Warkov, Director at Ariel Property Advisors.

Major retailers have a strong presence in the area as evidenced by the massive Liberty View Industrial Plato, whose tenants include Saks Off Fifth, Buy Buy Baby, Bed Bath & Beyond, CompUSA, and Amazon’s distribution center. Supermarket giant Costco, as well as NYU Lutheran Medical Center, have also planted their flags in the area.

Over the long-term, the BQX streetcar will be a game-changer and make commuting to Sunset Park even more convenient. The streetcar, which will be up-and-running within the next 7 years, will depart from Long Island City and run all the way to Sunset Park. This new mode of transportation should lure tenants and landlords to the neighborhood, significantly adding to the upside of owning properties in the area.