A six-story apartment building on Ocean Parkway in Midwood just changed hands for about $23.5 million, according to public filings and trade reports. The 119-unit multifamily property left a long-standing ownership group in mid-May, marking one of several midsize outer-borough apartment deals to hit city records in recent weeks.
As reported by Crain's New York Business, the transaction involved Ocean Parkway property tied to the Cohen family and was flagged as a notable multifamily trade in Midwood this spring.
City deed records compiled by The Real Deal identify the sale as a transfer of a six-story building at 996 Ocean Parkway for $23.5 million. The deed lists ParcJay Apartments LLC as the seller and an LLC tied to investor David Brecher as the buyer. With 119 apartments on the books, that price works out to roughly $197,000 per unit based on the filing.
What the Deal Signals for the Borough
The trade lands as local and national buyers keep scouring Brooklyn neighborhoods outside Manhattan for opportunities. Bisnow recently highlighted Midwood Investment & Development’s major financing win in Gowanus, and neighborhood deal tallies have stayed elevated into spring, according to market roundups on Brooklyn's billion-dollar deal binge. Investors say midsize multifamily properties still appear to offer a clearer path to returns than many trophy plays in Manhattan.
Public filings make the Ocean Parkway transfer official, but details on any near-term renovation plans or shifts in building management have not yet surfaced in the public record. We will keep an eye on filings and local reporting for updates on tenant notices, rehab work or broker disclosures tied to the property.
