AZW Realty Purchases Development Site At 224 3rd Avenue In Gowanus For $17.8M

The development site located at 224 3rd Avenue in the Gowanus market was sold for $17,800,000. The property encompasses 59,995 square feet, with a per square foot price of $296. The site comes with approved plans for the construction of an 11-story mixed-use building and includes approximately 6,000 square feet of air rights. Additionally, there are estimated Brownfield Tax Credits valued at $3 million associated with this transaction.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $17,800,000
• Address: 224 3rd Avenue
• Market: Gowanus
• Buyer: AZW Realty - Zelig Weiss
• Seller: Slate Property Group
• Brokers: Sean R. Kelly, Stephen Vorvolakos & Nicole Daniggelis - Ariel Property Advisors
• BSF: 59,995
• PPBSF: $296

Key individuals involved in the transaction include Zelig Weiss of AZW Realty, who represented the buyer, and Slate Property Group as the seller. The transaction was brokered by Sean R. Kelly, Stephen Vorvolakos, and Nicole Daniggelis from Ariel Property Advisors, who noted their active presence in the development segment with over 500,576 BSF sold or in contract across Brooklyn and Queens within the current calendar year.