10/4/2022: Episode 59 - Drivers for New Development in Gowanus featuring Sean R. Kelly

Coffee & Cap Rates

Shimon Shkury, Founder and President of Ariel Property Advisors, discusses the Brooklyn market and Gowanus rezoning with his Partner Sean Kelly, who has specialized in the Brooklyn market for more than 13 years. Kelly is particularly active in Gowanus, where this year he has arranged the acquisition of two development sites — one, a $21.6 million joint venture for a property with a 102,035-square-foot zoning floor area at 125 Third Street, and the second, a property with a 142,500-square-foot zoning floor area at 450 Union Street, which traded for $40.65 million or $285 per BSF, a record for a site in Gowanus with a Mandatory Inclusionary Housing requirement. He also has another development site and a commercial office building under contract in Gowanus. For more information about the Brooklyn market, please read our Brooklyn 2022 Mid-Year Commercial Real Estate Trends report available here.