Queens Developer Buys Downtown Brooklyn Development Site for $31M
By Isabelle Durso October 29, 2025 3:32 pm
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Golden Stone Management, a Queens-based developer, has acquired a development site in Downtown Brooklyn for $31 million, Commercial Observer has learned.
Steven Shi of Golden Stone bought the 100,056-square-foot, two-story retail building at 245 Duffield Street from a “long-term private owner with a healthy portfolio of New York City-based real estate” tied to the entity E&R Duffield Holdings Associates, according to Ariel Property Advisors’ Sean Kelly, who brokered the deal for the seller.
The sale represents “the first asset [the seller] has sold in the city in more than 30 years,” as the seller “rarely sells any of their buildings,” Kelly added.
“By running a thorough and exclusive marketing process, we were able to solicit more than a dozen offers for 245 Duffield Street from some of the best developers in New York City, resulting in top-of-the-market pricing for our family office client,” Kelly said in a statement to CO. “This sale is a perfect example of the results of our experience, track record, and expertise in the development space.”
Ariel’s Kelly, Stephen Vorvolakos and Nicole Daniggelis brokered the deal for the seller, while the buyer represented himself. A spokesperson for Golden Stone could not be reached for comment.
E&R Duffield Holdings Associates had owned the property between Fulton and Willoughby streets since 1992, property records show. Before that, United Artists Properties owned the building and ran the old Duffield Theater there.
Golden Stone plans to build new residential condominiums on the site, though it’s unclear how many units the developer plans to build. Shi has already filed an application for a full demolition of the property, according to a Wednesday filing with the New York City Department of Buildings.
“Our clients ultimately chose the buyer who had a different vision for the asset,” Kelly said. “While most developers were considering rentals, they saw the opportunity to deliver new condominiums in a supply-constrained market.”
The deal also represents Golden Stone’s first foray into Brooklyn, where several major residential developments have already been completed, including Brooklyn Tower, Brooklyn Point, the Azure, 11 Hoyt and the Paxton.
Isabelle Durso can be reached at idurso@commercialobserver.com.
