NEW YORK, NY – July 14, 2015 – Ariel Property Advisors has been retained on an exclusive basis to sell a 30,196 buildable square foot development site at 4115 Hubbard Place in the Flatlands section of Brooklyn. The asking price is $3.25 million.

Exclusive agents Jonathan Berman, Mark Spinelli and Daniel Tropp are bringing the property to market, representing the seller, an owner / user.

“Development sites of this scale are rare in this emerging neighborhood and at a little over $100 per buildable square foot, is a tremendous value for an opportunistic developer,” said Jonathan Berman, Vice President at Ariel Property Advisors.

The site is a 98’ wide development located on Hubbard Place between Kings Highway and East 40th Street and measures 90.40’ x 263.37’ (irr.). The property is zoned R5 and its 1.25 FAR allows for the development of approximately 30,196 buildable square feet. The lot currently contains two structures, both of which will be delivered completely vacant.

The property is situated within walking distance to several commercial corridors, such as Flatbush and Utica Avenues and Flatbush / Nostrand Junction. Additionally, the nearby B9 bus stop offers service to the Q train at Avenue M.

According to Brooklyn rental reports for April 2015 rent in the borough continued to surge, evidenced by the fact that the median rent went up 4.8 percent year-over-year to $2,961.