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Ariel Markets Midwood Apartments with 421-a Exemptions

Ariel Property Advisors has been hired to sell 2151 Ocean Ave. and 2155 Ocean Ave., a package of two seven-story condominium buildings in Brooklyn’s Midwood neighborhood. The asking price for the property package, which benefits from a 421-a tax exemption, is $11 million.

The two elevator buildings, which total 24 units, are currently being operated as rental buildings by the developer who built them under the 421-a tax benefit program. The benefits expire in 2027 for 2151 Ocean, and in 2024 for 2155 Ocean. 2155 Ocean also houses two medical offices.

Ariel’s Jonathan Berman and James Meehan are representing the seller, a local property owner.

“These properties are in a prospering area of Brooklyn, as they are just one block from Kings Highway, one of Brooklyn‘s most popular retail corridors,”  said Berman. “Midwood has seen a considerable amount of new residential development, mainly condominium buildings.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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