Ariel Property Advisors recently facilitated the sale of 284 4th Avenue, a 33,261-square-foot residential development site situated between 1st Street and Carroll Street along the 4th Avenue corridor in Brooklyn’s Gowanus neighborhood. The property was sold for $7,850,000, equating to $236 per buildable square foot.
The transaction was led by an Ariel team consisting of partner Sean R. Kelly, director Stephen Vorvolakos, and associate director Nicole Daniggelis, representing the seller, Francis Leung. The buyer was Abraham Waldman.
“Our client originally intended to develop the site and took steps towards pre-development, including filing permits, conducting environmental site assessments, and certifying for the 421a tax abatement,” Kelly explained. “This groundwork provided the buyer with the assurance needed to sign a hard contract without contingencies.”
The property is situated within the Gowanus Rezoning area, which mandates a requirement for Mandatory Inclusionary Housing.
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Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
