GW Equities Acquires Development Site In Downtown Brooklyn For $12.8M

A development site located at 127 Concord Street in Downtown Brooklyn has been sold for a price of $12,800,000. The property, situated in a prime location, spans approximately 41,538 square feet. The buyer of the site is GW Equities, represented by Abe Garbo and Barry Wagshal. The transaction was facilitated by Sean R. Kelly Esq., Michael A. Tortorici, and Stephen A. Vorvolakos from Ariel Property Advisors.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $12,800,000
• Address: 127 Concord Street
• Market: Downtown Brooklyn

GW Equities plans to utilize the development site to construct a 13-story mixed-use building. The proposed building will comprise 73 residential units and 1 commercial unit. This project is part of GW Equities' expansion plans in the area. Ariel Property Advisors has been successful in selling or putting in contract a total of 21 development sites, with a combined gross consideration of $206 million and approximately 1.3 million buildable square feet throughout the five boroughs since November.