Mavashev and Aronov of Alpha Realty broker $5.6 million Brooklyn sale

Brooklyn, NY Alpha Realty has complete the sale of 1464 Ocean Ave. in the Midwood section for $5.6 million. The deal achieved a $209 price per s/f, and equated to a rent multiple 15 times. Alpha’s Lev Mavashev represented the buyers, a Manhattan-based investment fund, while Jacob Aronov represented the seller, a local private investor. “The seller, a long-term owner, believed that the market conditions were a great time to realize his return on investment, and perhaps reposition some of his assets. We were able to work internally at Alpha, to match this deal with a qualified group of buyers who were interested in expanding their holdings in the area,” said Aronov. “With continued compression of cap rates seen in many Brooklyn markets, the Midwood location offers a comparatively attractive mix of clean assets and solid returns. The buyers thought that this property would work very well within their current portfolio,” said Mavashev. The four-story building, located between Ave. I and J, is built to 26,800 s/f and consists of 28 apartments.