A 22,500-square-foot development plot at 749 Van Sinderen Avenue in East New York was purchased for $7.05 million, marking a surge of investment in a Brooklyn district known for its potential in mixed-use property projects.
Rezoning Unlocks More Space
The site, nestled between New Lots Avenue and Linden Boulevard, underwent a zoning change from M1-1 to C4-4L. With this shift, developers can now take advantage of 103,500 buildable square feet, creating space for residential and commercial projects. Affordable housing has become a central focus given the rezoning, matching city priorities to alleviate the ongoing housing shortage.
Zoning Shift Details
The parcel’s move from light manufacturing (M1-1) to mixed-use (C4-4L) permits new construction for both homes and retail, a big leap from the former manufacturing-use mandate.
M1-1 zoning formerly allowed only limited manufacturing or small commercial operations, largely prohibiting residential buildings. C4-4L, however, greatly increases construction scope—including multi-story buildings with residences, retail, and community spaces.
This zoning update paves the way for bigger mixed-use and affordable housing designs, perfectly in step with municipal strategies to boost economic and housing growth throughout East New York.
Ariel Property Advisors Orchestrates the Deal
The deal was organized by Ariel Property Advisors. The sellers were represented by Sean R. Kelly, Esq. (Partner), Stephen Vorvolakos (Director), and Gabriel Elyaszadeh (Senior Associate), while Josh Malekan of Venture Capital Partners worked for the buyer.
“This transaction proves the strong progress in popular Brooklyn submarkets like East New York,” said Kelly. “Rezoning through ULURP has bolstered development options, supporting new affordable housing for the city.”
Affordable Housing on the Horizon
The property, mostly made up of one-story warehouses, sold at roughly $68 per buildable square foot. The buyers reportedly aspire to develop a mixed-use affordable housing site—reflecting ongoing local initiatives to increase investment and residential availability in East New York.
Prime transit options are nearby, including the New Lots Avenue L train station, B15 bus line, and Belt Parkway, easing commutes to Manhattan and wider Brooklyn.
Part of Wider Brooklyn Investment
Ariel’s 10th Brooklyn and Queens project sale was completed with this deal, and four more properties are reported as under contract. Overall, the company’s deals add up to almost 1 million buildable square feet and near $200 million in value—evidence that East New York and its neighbors are crucial to New York’s growth trajectory.
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