{"id":858,"date":"2025-10-28T12:41:55","date_gmt":"2025-10-28T12:41:55","guid":{"rendered":"https:\/\/multi.nycnewsnetwork.com\/nycbusinessdaily\/7-million-sale-of-east-new-york-development-site-signals-growing-investment-in-the-neighborhood\/"},"modified":"2025-10-28T12:41:55","modified_gmt":"2025-10-28T12:41:55","slug":"7-million-sale-of-east-new-york-development-site-signals-growing-investment-in-the-neighborhood","status":"publish","type":"post","link":"https:\/\/nycnewsnetwork.com\/nycbusinessdaily\/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":"

A 22,500-square-foot property at 749 Van Sinderen Avenue<\/a> in East New York sold recently for $7.05 million<\/strong>, signaling renewed interest in the neighborhood as an attractive site for mixed-use development projects.<\/p>\n

Rezoning Accelerates Project Possibilities<\/strong><\/h2>\n

Located between New Lots Avenue<\/a> and Linden Boulevard<\/a>, the parcel was rezoned from M1-1 to C4-4L. The update increases the allowable buildable square footage to 103,500, making way for larger residential and retail uses. The revised zoning specifically encourages affordable housing\u2014addressing a core need identified by city officials and advocates alike.<\/p>\n

Understanding the Zoning Shift<\/h2>\n

The site\u2019s change from industrial (M1-1) to mixed-use (C4-4L) opens up its development to both new homes and retail\u2014rather than limiting it to only industrial purposes.<\/p>\n

Previously, the M1-1 classification allowed primarily light manufacturing and a limited selection of commercial businesses, with most residential construction off-limits. The switch to C4-4L boosts what’s possible\u2014allowing three or more stories with a blend of residences, stores, and shared amenities.<\/p>\n

This regulatory update supports building bigger mixed-use complexes and affordable apartments, fitting citywide strategies to stimulate economic and housing growth in East New York.<\/p>\n

Ariel Property Advisors Facilitates Deal<\/strong><\/h2>\n

The broker for this sale was Ariel Property Advisors<\/a>. Sean R. Kelly, Esq.<\/a> (Partner), Stephen Vorvolakos<\/a> (Director), and Gabriel Elyaszadeh<\/a> (Senior Associate) represented the seller, while Josh Malekan of Venture Capital Partners<\/a> advised the buyer.<\/p>\n

\u201cThis deal is part of a larger uptick in investment in Brooklyn areas like East New York,\u201d Kelly commented. \u201cRezoning through ULURP unlocked new possibilities for much-needed affordable housing.\u201d<\/p>\n

Proposed Affordable Housing Plan<\/strong><\/h2>\n

A series of one-story warehouses currently occupy the site, which was purchased for about $68 per buildable square foot. According to sources, the new owners intend to deliver a mixed-use affordable housing complex in step with ongoing city-led investment in the area.<\/p>\n

The property offers convenient access to the New Lots Avenue L train station<\/a>, B15 bus line<\/a>, and Belt Parkway<\/a>, allowing ease of travel to nearby Manhattan and Brooklyn neighborhoods.<\/p>\n

Reflecting Larger Development Trends<\/strong><\/h2>\n

Ariel has now closed its 10th Brooklyn and Queens development site sale of the year, with four additional deals underway. All told, these transactions involve close to 1 million buildable square feet valued at up to $200 million\u2014clear evidence that East New York is central to the city\u2019s future expansion.<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

A 22,500-square-foot property at 749 Van Sinderen Avenue in East New York sold recently for $7.05 million, signaling renewed interest in the neighborhood as an attractive site for mixed-use development projects. Rezoning Accelerates Project Possibilities Located between New Lots Avenue and Linden Boulevard, the parcel was rezoned from M1-1 to C4-4L. The update increases the […]<\/p>\n","protected":false},"author":5777,"featured_media":859,"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":[13,7],"tags":[],"class_list":["post-858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","category-retail-news-nyc"],"yoast_head":"\n$7 Million Sale of East New York Development Site Signals Growing Investment in the Neighborhood - NYC Business Daily<\/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\/nycbusinessdaily\/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 property at 749 Van Sinderen Avenue in East New York sold recently for $7.05 million, signaling renewed interest in the neighborhood as an attractive site for mixed-use development projects. 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