Sellers of Newly-Built Midwood Apartments Seek $42M February 12, 2020

Connect RE | February 10, 2020

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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