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**Ariel Property Advisors Closes $20M Sale of Brooklyn Development Site**
Ariel Property Advisors has successfully closed the $20 million sale of a large development site located at 224-240 Clarkson Avenue in the Prospect Lefferts Gardens neighborhood of Brooklyn. The transaction was brokered by Ariel’s team of Sean R. Kelly, Shimon Shkury, and Lawrence Sarn, who represented the seller, Albert Rabizadeh.
The site offers up to 150,300 buildable square feet under the City of Yes Universal Affordability Preference (UAP) program and qualifies for Opportunity Zone tax incentives, enhancing its attractiveness to developers.
“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 Sean R. 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.”
Kelly also noted strong market interest in the site, adding, “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.”
The deal underscores both the appeal of Prospect Lefferts Gardens and the positive impact of New York City’s evolving zoning policies aimed at increasing affordable housing development.
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