February 11, 2020 Comments Off on Red Hook Development Site Sale Sets Pricing Record Views: 613 New York News, Outer Boroughs New York

Red Hook Development Site Sale Sets Pricing Record

Ariel Property Advisors arranged the sale of 185-199 Conover St. & 135 Dikeman St., a development site comprised of nine parcels in Brooklyn’s Red Hook neighborhood. The assemblage sold for $8.1 million, or $295 per buildable square foot, reportedly the highest ever paid for a multifamily development site in this neighborhood.

Sean R. Kelly, David Khukhashvili and Jiani Zhou of Ariel exclusively represented the seller, Red Hook Building Company, and procured the buyer, Diamond Development Group.

“Red Hook has always been an attractive enclave, particularly for people in creative fields of work,” said Kelly. “There are only a few sites in this neighborhood that offer this much buildable square footage for a residential development, as most of the area is zoned for either manufacturing or low-rise residential development.”

The seller, which Ariel has represented on numerous deals in the past, owned the property since 1967.

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