December 16, 2019
Ariel Property Advisors facilitated the sale of 99-103 Grove St., a 75’ x 100’ wide development site in Brooklyn’s Bushwick neighborhood. The asset, which benefits from being in an Opportunity Zone, sold for $3.3 million, or $200 per buildable square foot.
The zoning of the property, located between Evergreen and Central avenues, encourages medium-density buildings. Current zoning allows for 16,500 buildable square feet for residential use.
Ariel’s Sean R. Kelly, Shimon Shkury and David Khukhashvili represented the seller, Brookland Capital, and procured the buyer.
“We anticipated high demand for this site as it was sold ‘shovel ready’ with plans in place,” said Kelly, a senior director at the company. He noted that Ariel received close to 20 offers for the asset.
“We expect development sites in Bushwick to remain in high demand,” he added. The site’s location in an Opportunity Zone was an additional enticement to developers.
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