The property asset involved in the transaction is a development site located at 70 Douglass Street in Boerum Hill. It was sold for $1,750,000, encompassing a building square footage of 3,302, resulting in a price per building square foot of $530.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $1,750,000
• Address: 70 Douglass Street
• Market: Boerum Hill
• Building Square Footage: 3,302
• Price per Building Square Foot: $530
• Brokers: Stephen Vorvolakos, Sean R. Kelly, Esq. & Nicole Daniggelis - Ariel Property Advisors
• Seller's Attorneys: Christopher Merone, Esq. & Anthony Castellano, Esq. - Castellano & Merone Law Group, PLLC

This transaction marks the 12th development site sold by the broker team in 2025, with 4 more currently in contract and several active deals in motion. The brokers have successfully managed approximately 885K building square feet, totaling nearly $200 million in sales or contracts across Brooklyn and Queens this year.