### Ariel Property Advisors Facilitates $18M Sale of Gowanus Development Site
Ariel Property Advisors has successfully arranged the sale of a 59,995-buildable-square-foot development site, located at 224 3rd Ave. in Brooklyn’s Gowanus neighborhood, for $17.8 million. The sale also included 6,000 square feet of air rights. Initially approved for an 11-story mixed-use building, the plans will be amended to incorporate the additional air rights. The project benefits from a vested 421a tax abatement and an estimated $3 million in Brownfield Tax Credits.
The transaction was facilitated by an Ariel team led by partner Sean R. Kelly, director Stephen Vorvolakos, and associate director Nicole Daniggelis, representing the seller, Slate Property Group. The buyer in the deal was Zelig Weiss of AZW Realty.
“This is our second development site sale in Gowanus in just a few weeks, following the sale of 284 4th Ave.,” said Kelly. “The Gowanus Rezoning continues to drive demand for new residential and mixed-use projects, making well-located sites like 224 3rd Ave. highly attractive to developers and investors.”
