FOR IMMEDIATE RELEASE

NEW YORK, NY – November 30, 2015 – Ariel Property Advisors announced the sale of two development sites in Brooklyn totaling $3.675 million. Both properties are located in Bushwick.

Exclusive agents Daniel Tropp, Mark Spinelli and Jonathan Berman represented the sellers and procured buyers, who were private investors, in both transactions.

“Bushwick has become a prime destination for development due to the healthy market and a price per buildable square foot than enables investors to capitalize on this continuously evolving neighborhood,” said Daniel Tropp, Vice President at Ariel Property Advisors. “Bushwick makes up for a staggering 20% of all total developments in Brooklyn. 18 residential projects have been filed in Bushwick this year, bringing 1,328 new units to the area.”

721 Hart Street, a vacant two-family building consisting of approximately 1,760 square feet, sold for $1.375 million. Given the site’s R6 zoning which provides 5,500 buildable square feet, the sales price translates to approximately $250 per buildable square foot. Located between Central and Wilson Avenues the property is in close proximity to the M train at the Central Avenue station.

1229 Putnam Avenue which measures 60’ x 100’ is located on Putnam Avenue between Evergreen and Central Avenues. The site sold for $2.3 million which translates to approximately $174 per buildable square foot. Zoned R6, its 2.2 FAR allows approximately 13,200 buildable square feet, as-of-right, for residential use. The lot contains an existing one-story building, which was delivered vacant.

Both 721 Hart Street and 1229 Putnam Avenue are in close proximity to the Rabsky Group’s Rheingold development, which is planned to consist of 977 units across 10 buildings on the Montieth Street site.