New Apartment Building in Brooklyn’s Ditmas Park Sells for Nearly $20M
- Mar 15, 2016
New York—601 Ocean Parkway, a recently completed apartment property in the Ditmas Park neighborhood New York City, has traded for $19.5 million. The seller was Duo Ocean Parkway LLC, while the buyer was Meridian Properties.
The 45,000-square-foot elevator building consists of 44 residential units—primarily one- and two-bedroom apartments—as well as 14 indoor parking spaces. All of the apartments are occupied.
In addition to in-apartment amenities, such as hardwood floors and balconies and terraces, the property a number of common amenities. These include a lounge with a film-screening area, pool table, kitchenette and bar; gym with professional workout equipment and televisions; common outdoor terrace; and laundry facility.
GFI Realty’s Shulem Paneth and Eli Matyas represented the seller and GFI Realty’s Erik Yankelovich represented the buyer in the transaction. “The tail-end of a 1031 exchange, this deal enabled Meridian Properties to leverage the equity from a pre-war walk-up to acquire this building with a very attractive yield,” said Yankelovich.
Ditmas Park is in the western Flatbush district of the borough of Brooklyn. It’s noted for the Ditmas Park Historic District, which consists of 172 contributing buildings built in the early 20th century.