Gilbane pays $37 million for rezoned Sheepshead Bay development site

Gilbane Development acquired 2185 Coyle St. in Brooklyn's Sheepshead Bay for $37 million in a sale Ariel Property Advisors arranged, Connect CRE reported. The recently rezoned mixed-use site carries 408,400 buildable square feet on a 96,000-square-foot lot. That works out to about $90.60 per buildable foot, with buildable area roughly 4.25 times the parcel's land area.

The seller was a joint venture of AAG Management and ABS Partners. Ariel's deal team included founding partners Victor Sozio and Michael A. Tortorici, partner Sean R. Kelly, president and founder Shimon Shkury and director Remi Mandell.

Sozio put the rezoning at the center of the trade. “The recent rezoning created a significant opportunity to bring new affordable housing development to the Sheepshead Bay neighborhood,” he said. He added that the site's scale and development potential made it an attractive opportunity for the buyer. Connect CRE described the parcel as ideally suited to a large-scale affordable housing development.

Ariel's own third-quarter count put Brooklyn apartment building sales at $693.8 million, ahead of $685.2 million in Manhattan below 96th Street. Coyle Street is a development site rather than a rent roll, so it does not enter that tally. It does show the same brokerage moving a rezoned Brooklyn parcel to a disclosed price in a quarter when its own numbers had Brooklyn edging Manhattan.