Meridian Properties Buys Resi Building in Ditmas Park for Roughly $20M
Liam La Guerre March 10, 2016, 12:29 p.m.
Meridian Properties has purchased a 44-unit residential rental building at 601 Ocean Parkway in the Ditmas Park section of Brooklyn for $19.5 million, Commercial Observer has learned.
The 45,000-square-foot elevator building consists of one- and two-bedroom rent-stabilized apartments and has 14 covered parking spaces. All of the apartments are occupied, according to GFI Realty Services, which represented the buyer and the seller, Duo Ocean Parkway LLC. The seller’s head officer is Jerry Brack, according to the New York City Housing Preservation & Development.
“The Ditmas Park area is on the rise and presents investors with the opportunity to acquire property with significant value-add potential at relatively low prices,” Eli Matyas of GFI Realty, who handled negotiations for the seller, said in a prepared statement. “With the neighborhood’s growing popularity and the pristine condition of the building, we quickly identified the right buyer for this off-market transaction.”
Mr. Matyas worked alongside colleague Shulem Paneth for the seller, while GFI Realty’s Erik Yankelovich represented Meridian Properties, a residential landlord based in Midwood, Brooklyn.
Duo Ocean Parkway LLC bought 601 Ocean Parkway in April 2006 for $2.5 million, according to property records, and finished erecting the residential building that is there today, in 2008. Initially the developer planned for a condominium, but then changed course, a GFI Realty spokesman confirmed.
Apartments all have stainless steel appliances, hardwood floors, balconies and terraces, and the building’s common areas include a lounge with a movie screen, a pool table, a kitchenette and a bar. Other shared amenities include a gym, an outdoor terrace and a laundry facility.
“With a range of amenities and an Ocean Parkway address, this asset is one of the most attractive multifamily properties in Ditmas Park,” Mr. Yankelovich said.