NEW YORK, NY – December 27, 2017 – Ariel Property Advisors facilitated the sale of a development site package and a multifamily building in the highly sought-after and appreciating Brooklyn neighborhoods of Greenpoint and Bushwick. The assets, located at 167-169 Eagle Street and 304 Saint Nicholas Avenue, sold for a collective $5.06 million.

167-169 Eagle Street - The pair of adjacent, vacant residential buildings are located in the coveted Brooklyn neighborhood of Greenpoint. The properties sold for $3.751 million, translating into an impressive $375 per buildable square foot. Zoned R6B, the site’s 2.0 floor area ratio allows 10,000 buildable square feet, as-of-right, for residential use.

Exclusive agents Daniel Tropp and Michael A. Tortorici procured the buyer.

Supported by record-high condo sellouts, new infrastructure, such as the India Street Ferry Terminal, and an improving retail landscape throughout the area, Greenpoint development sites have consistently been trading in the high-$300’s per buildable square foot.

“This was the second Greenpoint development deal priced above $375 per buildable square foot that our firm brokered in 2017, and we expect to see more transactions at these levels in 2018 as developers continue to realize the incredible upside potential the location offers” said Daniel Tropp, Director at Ariel Property Advisors.

The site is in close proximity to several new developments and successful condo projects such as 533 Leonard Street, 170-174 West Street, and the Gibraltar Condominiums. In addition, the site is also just steps away from a number of popular neighborhood destinations, such as Greenhook Ginsmiths, The Moonlight Mile, Sweetleaf Coffee, and The Box House Hotel.

304 Saint Nicholas Avenue – The 6-unit Bushwick building, situated between Linden Street and Gates Avenue, sold for $1.31 million. Spanning 5,670 square feet and measuring 27’’ x 70’’ on a 27’’ x 100 ‘’ lot, the property is in close proximity to a host of amenities, with Starbucks, June Bar, L’imprimerie, and Maria Hernandez Park among the many neighborhood attractions.

Exclusive agents Daniel Tropp, Jonathan Berman and Alexander McGee, represented the owner and secured the buyer.