Brooklyn, NY The Barcel Group has brokered the sale of 1940 Ocean Ave. located in the Midwood section. The 55-unit elevator apartment building sold for $6.7 million.
The sellers, 1940 Ocean Ave LLC have owned the property for over 40 years. It is located on the well known Ocean Ave. between Aves. N and O where it is surrounded by similar apartment buildings and near public transportation.
Marcel Fridman, VP and co-founder of the Barcel Group represented both the buyer and seller. Fridman said, "Manhattan rental prices are still extremely high pushing renters to the outer boroughs seeking affordable apartments. This area has recently seen an increase in the rents that these types of buildings can command. The buyer quickly realized the opportunity for steady income, as well as future upside."