Ariel Property Advisors has arranged the $12.8 million sale of a premier development site offering 41,538 BSF in an Opportunity Zone at 127 Concord Street in Downtown Brooklyn. The buyer, GW Equities, LLC, plans to build a 13-story, mixed-use building with 73 residential units and one commercial unit.
The property was sold by an Ariel team including Sean R. Kelly, Esq. Partner; Michael A. Tortorici, Founding Partner; and Stephen Vorvolakos, Director.
“Since the middle of 2021 developers seeking to construct rental buildings began to focus only on sites that were already in the process of securing a 421-a Affordable New York tax abatement or believed they could meet the June 2022 deadline when the program is scheduled to sunset,” said Kelly. “That, combined with a strong post-Covid rental market, allowed our team to create a very competitive bidding process and quickly get this into contract.”
Tortorici continued, “We were very pleased with the enthusiastic response developers had to this offering. The sales price of over $300 per buildable square foot is truly indicative of the market’s ever growing confidence in Brooklyn development opportunities post-Covid. Ten years ago rents in Downtown Brooklyn were $40-$45 per square foot and they’re now in the high $60s to low $70s. They’re up 20% over pre-Covid levels.”
Situated at the crossroads of Brooklyn Heights, Downtown Brooklyn and DUMBO, 127 Concord currently houses a two-story, 7,650-square-foot warehouse on a lot measuring 50’ x 138’.
In the last decade There have been more than 12,000 units of new development between these three neighborhoods and absorption has never been a concern from developers. Major residential properties in the development site’s immediate vicinity include The Amberly, Brooklyn Point, 11 Hoyt, The Hub, 300 Ashland, the Toren, the Oro, Avalon Fort Greene and JDS’s 9 Dekalb, which is slated to be Brooklyn’s tallest skyscraper upon completion.
The property is near educational institutions including City College of Technology, NYU’s Tandon School of Engineering and LIU-Brooklyn; commercial and retail hubs including MetroTech, Fulton Mall, City Point and Atlantic Mall; and parks and entertainment venues including Brooklyn Bridge Park, the Brooklyn Academy of Music and Barclays Center.
