{"id":11443,"date":"2025-10-28T08:41:53","date_gmt":"2025-10-28T12:41:53","guid":{"rendered":"https:\/\/multi.nycnewsnetwork.com\/eastnewyork\/7-million-sale-of-east-new-york-development-site-signals-growing-investment-in-the-neighborhood\/"},"modified":"2025-10-28T08:41:53","modified_gmt":"2025-10-28T12:41:53","slug":"7-million-sale-of-east-new-york-development-site-signals-growing-investment-in-the-neighborhood","status":"publish","type":"post","link":"https:\/\/nycnewsnetwork.com\/eastnewyork\/7-million-sale-of-east-new-york-development-site-signals-growing-investment-in-the-neighborhood\/","title":{"rendered":"$7 Million Sale of East New York Development Site Signals Growing Investment in the Neighborhood"},"content":{"rendered":"<p style=\"font-weight: 400;\">A 22,500-square-foot development site at\u00a0749 Van Sinderen Avenue\u00a0in East New York has been sold for\u00a0$7.05 million, underscoring a wave of new investment activity in the Brooklyn neighborhood long considered an emerging frontier for mixed-use development.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Rezoning Expands Development Potential<\/strong><\/h2>\n<p style=\"font-weight: 400;\">The property, located between\u00a0New Lots Avenue and Linden Boulevard, was recently\u00a0rezoned from M1-1 to C4-4L, allowing for\u00a0103,500 buildable square feet\u00a0of residential and commercial space. The change in zoning opens the door for large-scale\u00a0affordable housing projects\u2014a growing priority for city planners and community advocates working to address New York\u2019s housing shortage.<\/p>\n<h2>Zoning Change Explained<\/h2>\n<p data-start=\"157\" data-end=\"408\">The site was rezoned from M1-1, a light manufacturing district, to C4-4L, a mixed-use commercial zone. This change allows the property to be developed for both housing and retail instead of just warehouses or industrial use.<\/p>\n<p data-start=\"410\" data-end=\"820\">Under the old M1-1 zoning, buildings were limited mostly to light manufacturing and small commercial uses, with little or no residential development permitted. The new C4-4L zoning increases how much can be built on the property \u2014 from roughly one story to as many as four or more stories, depending on the design \u2014 and allows for apartments, stores, and community facilities within the same project.<\/p>\n<p data-start=\"822\" data-end=\"1012\" data-is-last-node=\"\" data-is-only-node=\"\">The rezoning opens the door for larger mixed-use and affordable housing developments, which aligns with city efforts to bring more housing options and economic activity to East New York.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Ariel Property Advisors Leads the Transaction<\/strong><\/h2>\n<p style=\"font-weight: 400;\">The sale was arranged by\u00a0Ariel Property Advisors, with a team led by\u00a0Sean R. Kelly, Esq., Partner, along with\u00a0Stephen Vorvolakos, Director, and\u00a0Gabriel Elyaszadeh, Senior Associate, representing the seller.\u00a0Josh Malekan of Venture Capital Partners\u00a0represented the buyer.<\/p>\n<p style=\"font-weight: 400;\">\u201cThis transaction reflects the growing momentum we\u2019re seeing in emerging Brooklyn submarkets like East New York,\u201d said Kelly. \u201cBy navigating a successful ULURP rezoning process, the sellers unlocked significant development potential for a project that will deliver much-needed affordable housing to the city.\u201d<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Plans for Mixed-Use Affordable Housing<\/strong><\/h2>\n<p style=\"font-weight: 400;\">The site currently contains several\u00a0one-story warehouse buildings\u00a0and sold for about\u00a0$68 per buildable square foot. According to those involved in the deal, the new owners plan to develop a\u00a0mixed-use affordable housing complex\u2014a move that aligns with ongoing city efforts to bring new investment, infrastructure, and housing options to East New York.<\/p>\n<p style=\"font-weight: 400;\">The property is conveniently located just steps from the\u00a0New Lots Avenue L train station, the\u00a0B15 bus line, and within minutes of the\u00a0Belt Parkway, offering easy access to Manhattan and other parts of Brooklyn.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Part of a Larger Brooklyn Development Trend<\/strong><\/h2>\n<p style=\"font-weight: 400;\">The deal marks Ariel\u2019s\u00a010th Brooklyn and Queens development site sale this year, with four more under contract. Collectively, those transactions represent nearly\u00a01 million buildable square feet\u00a0and a total value approaching\u00a0$200 million, a sign that investors continue to view\u00a0East New York and surrounding areas\u00a0as vital to New York City\u2019s next phase of growth.<\/p>\n<p style=\"font-weight: 400;\">\n","protected":false},"excerpt":{"rendered":"<p>A 22,500-square-foot development site at\u00a0749 Van Sinderen Avenue\u00a0in East New York has been sold for\u00a0$7.05 million, underscoring a wave of new investment activity in the Brooklyn neighborhood long considered an emerging frontier for mixed-use development. Rezoning Expands Development Potential The property, located between\u00a0New Lots Avenue and Linden Boulevard, was recently\u00a0rezoned from M1-1 to C4-4L, allowing [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":11444,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[78,275,74],"tags":[],"class_list":["post-11443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-eny-housing","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$7 Million Sale of East New York Development Site Signals Growing Investment in the Neighborhood - East New York News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nycnewsnetwork.com\/eastnewyork\/7-million-sale-of-east-new-york-development-site-signals-growing-investment-in-the-neighborhood\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$7 Million Sale of East New York Development Site Signals Growing Investment in the Neighborhood\" \/>\n<meta property=\"og:description\" content=\"A 22,500-square-foot development site at\u00a0749 Van Sinderen Avenue\u00a0in East New York has been sold for\u00a0$7.05 million, underscoring a wave of new investment activity in the Brooklyn neighborhood long considered an emerging frontier for mixed-use development. 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