$7 Million Sale of East New York Development Site Signals Growing Investment in the Neighborhood

A 22,500-square-foot site at 749 Van Sinderen Avenue in East New York has exchanged hands for $7.05 million, highlighting growing investor interest in a Brooklyn neighborhood fast gaining attention for mixed-use possibilities.

Rezoning Unlocks New Opportunities

Situated between New Lots Avenue and Linden Boulevard, this property recently transitioned from M1-1 to C4-4L zoning. This upgrade allows for up to 103,500 buildable square feet for both residential and commercial use, paving the way for significant affordable housing projects—a priority for both the city and local community advocates as they confront the ongoing housing crunch.

Zoning Details

The property’s rezoning from a light manufacturing zone (M1-1) to a mixed-use commercial district (C4-4L) makes it eligible for housing and retail—not just light industrial or warehouse use.

Under the previous M1-1 limitations, only light industrial and some small commercial buildings were allowed, with little to no living space possible. In contrast, C4-4L zoning expands development potential substantially—now enabling multi-story projects with a combination of apartments, shops, and community facilities.

The change supports larger developments, particularly those aimed at offering affordable housing, and is closely tied to the city’s broader strategy of delivering more diverse housing and business opportunities in East New York.

Ariel Property Advisors Handles Sale

Ariel Property Advisors arranged the transaction. Leading the effort was Sean R. Kelly, Esq. (Partner), with support from Stephen Vorvolakos (Director) and Gabriel Elyaszadeh (Senior Associate), representing the seller. The buyer was represented by Josh Malekan of Venture Capital Partners.

“This sale demonstrates the increased interest and momentum seen in up-and-coming areas such as East New York,” said Kelly. “Rezoning via the ULURP process unlocked new development potential that will bring much-needed affordable housing options.”

Vision for Mixed-Use Development

The plot, now home to several single-story warehouse buildings, was acquired at approximately $68 per buildable square foot. The purchasers reportedly intend to construct a mixed-use affordable housing project, aligning with continued city efforts toward neighborhood revitalization and expanded housing choices.

Residents will benefit from proximity to the New Lots Avenue L train station, the B15 bus line, and the Belt Parkway, enabling quick commutes to Manhattan and throughout Brooklyn.

Broad Development Wave Continues

This transaction marks Ariel’s 10th Brooklyn and Queens site sale this year, with four additional deals pending. In total, these deals account for almost 1 million buildable square feet and an estimated value nearing $200 million—reinforcing investor confidence in East New York and similar neighborhoods as key elements of New York City’s growth plans.