Ariel Property Advisors exclusively arranged the sale of 185-199 Conover Street & 135 Dikeman Street, a development site comprised of 9 parcels in the charming Brooklyn region of Red Hook. The assemblage sold for $8.1 million, or $295 per buildable square foot, the highest price ever paid for a multifamily development site in this neighborhood.

Zoned R5, the assemblage provides 27,436 buildable square feet with a total lot area of 19,281 square feet. Located one block from Van Brunt Street, Red Hook’s main commercial thoroughfare, the sites’ large footprint and prime corner location made this development site very attractive to investors.

Ariel Property Advisors agents Sean R. Kelly, Esq., David Khukhashvili and Jiani Zhou exclusively represented the seller, Red Hook Building Company, and procured the buyer, Diamond Development Group.

“Red Hook has always been an attractive enclave, particularly for people in creative fields of work. There are only a few sites in this neighborhood that offer this much buildable square feet for a residential development as most of the area is zoned for either manufacturing or low-rise residential development,” said Kelly, a Senior Director at the company.

The seller of the site, which Ariel Property Advisors has represented on numerous deals in the past, has owned the property since 1967. As purely discretionary sellers, they were focused primarily on attaining the best pricing.

“We targeted the most competitive buyers for this type of product and in a very short timeframe,we were able achieve a premium to the current market and a sale at record pricing,” he added.

In addition to the myriad of dining and entertainment options located in the immediate area, notable commercial tenants nearby the asset include Tesla, IKEA, Widow Jane Distillery and Pioneer Works.

srkelly@arielpa.com; David Khukhashvili, ext. 77, dhukhashvili@arielpa.com; and Jiani Zhou, ext. 72, jzhou@arielpa.com

Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.