The well-located development site sits on a 98′ x 85′ lot located on the east side of Duffield Street, between Willoughby and Fulton Streets. The site is also situated within an economic Opportunity Zone in NYC’s second largest central business district, with an abundance of shopping options, restaurants, schools, and entertainment venues nearby.
Ariel Property Advisors (Ariel) arranged the $31 million sale of a 100,056 BSF mixed-use development site located at 245 Duffield Street in Downtown Brooklyn, next to Abolitionist Place Park, around the corner from City Point, and one block from MetroTech.
An Ariel team composed of Sean R. Kelly, Esq., Partner, Stephen Vorvolakos, Director, and Nicole Daniggelis, Associate Director, represented the seller. The buyer is Steven Shi of Golden Stone Management, a Queens-based developer who plans to build condos on the site.
“With a prime location and significant scale, 245 Duffield Street was a premier development opportunity in Downtown Brooklyn,” notes Kelly. “There was substantial interest in the site, and we were able to identify the right buyer after a thorough bidding process. This also marks the developer’s first Brooklyn project.”
Several major residential developments have been built in the immediate area, including The Brooklyn Tower, Brooklyn Point, The Azure, 11 Hoyt, The Paxton, and others. The site is also near a transit hub served by numerous subway lines.
The sale marks the 11th development site the Ariel team has sold in Brooklyn and Queens this year alone with three more in contract. Together the development sites total close to 1 million buildable square feet and have a value of nearly $200 million.
The sale of 245 Duffield Street highlights Kelly and Ariel’s leading role in Brooklyn’s development market. Recent notable transactions in the area includes:
- 67-75 4th Avenue and 77 St. Marks Place, Park Slope – development site assemblage for $24 million ($283/BSF).
- 544-550 Union Street, Gowanus – 21,600 BSF site for a condo development for $9 million ($417/BSF).
224 3rd Avenue, Gowanus – 59,995 BSF site (with 6,000 SF of air rights) for $17.8 million ($296/BSF). - 284 4th Avenue, Gowanus – 33,261 BSF residential development site for $7.85 million ($236/BSF).
- 125 3rd Street, Gowanus – 101,852 BSF mixed-use development site for $29.5 million ($290/BSF).
- 450 Union Street, Gowanus – 142,500 SF development site for $40.65 million ($285/BSF).
Based in New York City, Ariel Property Advisors is a commercial real estate services and advisory company organized into separate groups for Investment Sales, Capital Services and Research. All three work together as one team and collaborate with our strategic partner, GREA (Global Real Estate Advisors), a nationwide network of independent real estate investment services companies.
