Ariel Property Advisors Arranges $21 Million Sale of Prospect Heights Development Site

This development site, located at 566 Grand Avenue & 836 Dean Street in the Prospect Heights market, was sold for $21,000,000. The site spans 86,065 square feet, translating to a price per square foot of $244. It is situated in the AAMUP, where the rezoning could facilitate the introduction of approximately 4,600 new residential units, expanding the development potential for properties historically constrained by lower-density or industrial zoning.

The transaction involved Josef Goodman and Jake Sokol representing Haussmann Development as the buyers. The brokers managing the deal were Sean R. Kelly, Esq., Nicole Daniggelis, and Stephen Vorvolakos from Ariel Property Advisors, highlighting their role in facilitating this significant development opportunity.