A 22,500-square-foot property at 749 Van Sinderen Avenue in East New York sold recently for $7.05 million, signaling renewed interest in the neighborhood as an attractive site for mixed-use development projects.
Rezoning Accelerates Project Possibilities
Located between New Lots Avenue and Linden Boulevard, the parcel was rezoned from M1-1 to C4-4L. The update increases the allowable buildable square footage to 103,500, making way for larger residential and retail uses. The revised zoning specifically encourages affordable housing—addressing a core need identified by city officials and advocates alike.
Understanding the Zoning Shift
The site’s change from industrial (M1-1) to mixed-use (C4-4L) opens up its development to both new homes and retail—rather than limiting it to only industrial purposes.
Previously, the M1-1 classification allowed primarily light manufacturing and a limited selection of commercial businesses, with most residential construction off-limits. The switch to C4-4L boosts what’s possible—allowing three or more stories with a blend of residences, stores, and shared amenities.
This regulatory update supports building bigger mixed-use complexes and affordable apartments, fitting citywide strategies to stimulate economic and housing growth in East New York.
Ariel Property Advisors Facilitates Deal
The broker for this sale was Ariel Property Advisors. Sean R. Kelly, Esq. (Partner), Stephen Vorvolakos (Director), and Gabriel Elyaszadeh (Senior Associate) represented the seller, while Josh Malekan of Venture Capital Partners advised the buyer.
“This deal is part of a larger uptick in investment in Brooklyn areas like East New York,” Kelly commented. “Rezoning through ULURP unlocked new possibilities for much-needed affordable housing.”
Proposed Affordable Housing Plan
A series of one-story warehouses currently occupy the site, which was purchased for about $68 per buildable square foot. According to sources, the new owners intend to deliver a mixed-use affordable housing complex in step with ongoing city-led investment in the area.
The property offers convenient access to the New Lots Avenue L train station, B15 bus line, and Belt Parkway, allowing ease of travel to nearby Manhattan and Brooklyn neighborhoods.
Reflecting Larger Development Trends
Ariel has now closed its 10th Brooklyn and Queens development site sale of the year, with four additional deals underway. All told, these transactions involve close to 1 million buildable square feet valued at up to $200 million—clear evidence that East New York is central to the city’s future expansion.
