December 17, 2019 Comments Off on Ariel Markets Midwood Apartments with 421-a Exemptions Views: 263 New York News, Outer Boroughs New York

Ariel Markets Midwood Apartments with 421-a Exemptions

Ariel Property Advisors has been hired to sell 2151 Ocean Ave. and 2155 Ocean Ave., a package of two seven-story condominium buildings in Brooklyn’s Midwood neighborhood. The asking price for the property package, which benefits from a 421-a tax exemption, is $11 million.

The two elevator buildings, which total 24 units, are currently being operated as rental buildings by the developer who built them under the 421-a tax benefit program. The benefits expire in 2027 for 2151 Ocean, and in 2024 for 2155 Ocean. 2155 Ocean also houses two medical offices.

Ariel’s Jonathan Berman and James Meehan are representing the seller, a local property owner.

“These properties are in a prospering area of Brooklyn, as they are just one block from Kings Highway, one of Brooklyn‘s most popular retail corridors,”  said Berman. “Midwood has seen a considerable amount of new residential development, mainly condominium buildings.”

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