**East New York Development Site Sold for $7.05M, Slated for Mixed-Use Affordable Housing**
Ariel Property Advisors has arranged the $7,050,000 sale of a development site located at 749 Van Sinderen Avenue in the East New York neighborhood of Brooklyn. The 22,500-square-foot lot was recently rezoned from M1-1 to C4-4L, allowing for 103,500 buildable square feet of mixed-use development.
The seller was represented by an Ariel Property Advisors team led by partner Sean R. Kelly, director Stephen Vorvolakos, and senior associate Gabriel Elyaszadeh. Josh Malekan of Venture Capital Partners represented the buyers, who intend to develop a large-scale, mixed-use affordable housing project on the site.
“This transaction reflects the growing momentum we’re seeing in emerging Brooklyn submarkets like East New York,” said Kelly. “By navigating a successful ULURP rezoning process, the sellers unlocked significant development potential for a project that will deliver much-needed affordable housing to the city.”
The sale represents the 10th development site Ariel has sold this year in Brooklyn and Queens, with four additional sites currently under contract.
