Marcus & Millichap closes multifamily asset sale in Brooklyn for $23.5 million

Brooklyn, NY Marcus & Millichap closed the sale of 1000 Ocean Pkwy., a 122-unit apartment building. The property sold for $23.5 million, or $192,623 per unit.

“We knew this asset stood out in the post-2019 rent-regulated market and the opportunity was articulated that way,” said Matt Fotis of Marcus & Millichap in New York City. “Our wide, thoughtful approach uncovered a buyer new to the market and the sale exceeded all market expectations.” Fotis represented the seller, the Cohen family, and procured the buyer, David Brecher, chief executive of Brooklyn-based FM Home Loans.

The property is located on the corner of Ocean Pkwy. and Ave. J in Midwood, a core central neighborhood. Public transportation is nearby at the Ave. J and Ave. M subway stations, and the B9 and B6 bus routes.

Built in 1964 and renovated in 2021, 1000 Ocean Pkwy. has two elevators, a doorman, laundry facilities, and a parking garage. The mix of classic and modernized apartments have high ceilings and hardwood floors. Select units have a private patio or balcony and city views.