Ariel Property Advisors (Ariel) has announced the sale of a corner development site within an opportunity zone at 2251 Nostrand Ave. in Brooklyn, New York, to Cavu Property Group for $12.8 million, or $170.66 per square foot. The property, previously owned by The Jackson Group, offers 75,000 buildable square feet as of right and up to 91,969 buildable square feet with a community facility.
Ariel Partner Sean Kelly was lead broker on the deal, working with Director of Investment Sales Lawrence Sarn and Ariel Founder and President Shimon Shkury.
“Central Brooklyn has emerged as a strong residential marketplace where developers have an easier time underwriting rental projects,” Kelly said. “We received more than a dozen offers for this site, which illustrates how developers today are now looking farther into Brooklyn along transit hubs. The site also was attractive because it isn’t in a Mandatory Inclusionary Housing (MIH) area, therefore, allowable affordable rents are 130% of AMI.”
Located across the street from Brooklyn College between the Flatbush and Midwood neighborhoods of central Brooklyn, the densely populated area surrounding 2251 Nostrand Ave. features both local and national retailers and is just one block away from the Triangle Junction mall. The property includes 326 feet of frontage along Nostrand Avenue and Avenue I and offers easy access to public transportation.
