Mark Akilov, Esq. and Yuriy Ustoyev have successfully brokered the sale of 488 Fourth Avenue, Brooklyn, NY 11215, a prime redevelopment site in Brooklyn's Gowanus neighborhood. The property, a six-unit building constructed in 2017, encompasses 19,201 square feet on a 2,553-square-foot lot. The transaction sold for $5,000,000, equating to approximately $260.40 per buildable square foot.
Gowanus, historically an industrial area, has undergone significant transformation in recent years, evolving into a sought-after residential and commercial district. The neighborhood's appeal is bolstered by its proximity to Park Slope and Carroll Gardens, offering residents a blend of industrial charm and modern amenities. The Gowanus Canal, despite its Superfund designation due to historical pollution, has become a focal point for community activities and environmental initiatives. Local organizations, such as the Gowanus Dredgers Canoe Club, actively engage in promoting the canal's ecological restoration and recreational use.
The sale of 488 Fourth Avenue underscores the ongoing interest in Gowanus as a hub for redevelopment and investment. With its substantial buildable square footage and strategic location, the property presents significant potential for future development, aligning with the neighborhood's trajectory toward modernization and growth.
