Ariel Property Advisors closed the $20-million sale of a large development site at 224-240 Clarkson Ave. in the Prospect Lefferts Gardens neighborhood of Brooklyn. An Ariel team of Sean R. Kelly, Shimon Shkury and Lawrence Sarn represented the seller, Albert Rabizadeh.
The site offers up to 150,300 buildable square feet through the City of Yes Universal Affordability Preference program and is eligible for Opportunity Zone tax benefits.
“Prospect Lefferts Gardens has seen significant growth in the last 10 years and the sale of 224-240 Clarkson Avenue is a textbook example of how the City of Yes initiative is having a direct and immediate impact on the housing market,” said Kelly. “The ability to achieve over 150,000 buildable square feet was a direct result of the zoning initiative’s Universal Affordability Preference program, which significantly enhanced the site’s value and scale.
“The intense competition for this asset, with over a dozen bids, demonstrates that developers are actively seeking out these newly created opportunities to bring more housing to prime Brooklyn neighborhoods.”
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