A 22,500-square-foot development site at 749 Van Sinderen Avenue in East New York has been sold for $7.05 million, underscoring a wave of new investment activity in the Brooklyn neighborhood long considered an emerging frontier for mixed-use development.
Rezoning Expands Development Potential
The property, located between New Lots Avenue and Linden Boulevard, was recently rezoned from M1-1 to C4-4L, allowing for 103,500 buildable square feet of residential and commercial space. The change in zoning opens the door for large-scale affordable housing projects—a growing priority for city planners and community advocates working to address New York’s housing shortage.
Zoning Change Explained
The site was rezoned from M1-1, a light manufacturing district, to C4-4L, a mixed-use commercial zone. This change allows the property to be developed for both housing and retail instead of just warehouses or industrial use.
Under the old M1-1 zoning, buildings were limited mostly to light manufacturing and small commercial uses, with little or no residential development permitted. The new C4-4L zoning increases how much can be built on the property — from roughly one story to as many as four or more stories, depending on the design — and allows for apartments, stores, and community facilities within the same project.
The rezoning opens the door for larger mixed-use and affordable housing developments, which aligns with city efforts to bring more housing options and economic activity to East New York.
Ariel Property Advisors Leads the Transaction
The sale was arranged by Ariel Property Advisors, with a team led by Sean R. Kelly, Esq., Partner, along with Stephen Vorvolakos, Director, and Gabriel Elyaszadeh, Senior Associate, representing the seller. Josh Malekan of Venture Capital Partners represented the buyer.
“This transaction reflects the growing momentum we’re seeing in emerging Brooklyn submarkets like East New York,” said Kelly. “By navigating a successful ULURP rezoning process, the sellers unlocked significant development potential for a project that will deliver much-needed affordable housing to the city.”
Plans for Mixed-Use Affordable Housing
The site currently contains several one-story warehouse buildings and sold for about $68 per buildable square foot. According to those involved in the deal, the new owners plan to develop a mixed-use affordable housing complex—a move that aligns with ongoing city efforts to bring new investment, infrastructure, and housing options to East New York.
The property is conveniently located just steps from the New Lots Avenue L train station, the B15 bus line, and within minutes of the Belt Parkway, offering easy access to Manhattan and other parts of Brooklyn.
Part of a Larger Brooklyn Development Trend
The deal marks Ariel’s 10th Brooklyn and Queens development site sale this year, with four more under contract. Collectively, those transactions represent nearly 1 million buildable square feet and a total value approaching $200 million, a sign that investors continue to view East New York and surrounding areas as vital to New York City’s next phase of growth.
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