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New York & Tri-State  + Outer  + Apartments  | 

Sellers of Newly-Built Midwood Apartments Seek $42M

GFI Realty Services was hired as sales agent for 1704-1712 Ocean Ave., a 64-unit multifamily building in Brooklyn’s Midwood section. The company’s Matthew Sparks will oversee the marketing of the property, with pricing targeted at $42-million.

Completed in 2019, the newly-constructed building totals 59,840 square-feet. The apartments are configured as one studio, 40 one-bedroom units and 23 two-bedrooms. The units are completed with high-end modern finishes and stainless-steel appliances, GFI says.

The property benefits from its location in a prime area of Brooklyn and its proximity to public transit, several parks and a variety of restaurants and stores. It has an abatement for 15 years, providing protection against large tax increases.

“This asset is a great turnkey investment with easy management,” said Sparks. “The property is situated in a strong location surrounded by landmark homes and major commercial corridors.”

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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 13-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 15-20 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 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