Albert Rabizadeh Sells Brooklyn Development Site for $20M
By Isabelle Durso July 28, 2025 2:55 pm
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Albert Rabizadeh’s Global Asset Management, along with two investors, sold a large development site in Brooklyn’s Prospect Lefferts Gardens neighborhood for $20 million, according to city records made public last week.
Using the entity Third Avenue Retail Enterprises, Rabizadeh and investors Mehrdad Kahan and Said Makhany sold the 30,000-square-foot plot of land at 224 Clarkson Avenue to a Williamsburg-based development team of Shlomo Karpen, Norman Strulovitch and Anshel Fridman, who used the entity 224 Clarkson, records show.
Rabizadeh, Kahan and Makhany all signed for the seller, while Karpen signed for the buyer, according to records. Valley National Bank provided a $15 million loan as part of the transaction.
“Prospect Lefferts Gardens has seen significant growth in the last 10 years, and the sale of 224 Clarkson Avenue is a textbook example of how the City of Yes initiative is having a direct and immediate impact on the housing market,” Ariel Property Advisors’ Sean Kelly, who brokered the deal for the seller along with Shimon Shkury and Lawrence Sarn, said in a statement.
While it’s unclear what exactly will happen to the site between Rogers and Nostrand avenues, the buyers appear to be linked to Brooklyn-based residential owner and operator Kerenstar Management, Crain’s New York Business reported. That connection increases the likelihood the site could be developed for residential use.
Kerenstar filed plans to demolish the one-story industrial building currently on the property earlier this month, according to a filing with the New York City Department of Buildings.
“The intense competition for this asset, with over a dozen bids, demonstrates that developers are actively seeking out these newly created opportunities to bring more housing to prime Brooklyn neighborhoods,” Kelly said.
There was no broker representing the buyer. Rabizadeh did not immediately respond to a request for comment, while a spokesperson for Kerenstar could not be reached for comment.
Isabelle Durso can be reached at idurso@commercialobserver.com.
