1916 Ocean Ave
Brooklyn, NY 11230
Multifamily Property For Sale · 13 Units

MAGELLAN - 1916 Ocean Ave - a 8 storey new condo bldg in up and coming Midwood, Brooklyn Midwood has a rich pre-Hollywood film making history and is part of the Victorian Historical area. Together with Flatbush- Flatbush and Midwood was originally one/wholesome- Midwood/Flatbush is deemed by New York Magazine as the most ethnic-diverse area in the world, a true jewel of Harmony. Current Retail Price for whole bldg = 10.7M based on attractive retail pricing that allows unloading of all inventories over 1 yr time frame. Final Price between us is of course negotiable. 12 2BR new condo units, avg 1200sf per unit -look at Price Sheet Doc for details And 1 Community Facility 3212 sf on the ground flr - pls read Community Facility Details Doc And 7 Parking Spots- read Price List on pricing And 2 private Terraces on grass garden roof top for sale- read Price List Details Final CO obtained October 2018 6 yrs tax abatement left heres our website https://magellan-midwood.business.site/ And here is the marketing details for the Community Facility on the ground floor Details on Comm. Facility- Price 1.35M - on 3212 NET sf, $420 per sf 3200 sf on right hand side of bldg, entrance faces Ocean Ave- empty box right now w bathrm and all utility- plumbing, sprinklers, electrical, mechanical- already installed. The layout is a long skinny hallway from entrance-about 200 sf- going into a almost square box of 3000 sf. Ceiling ht is 8 feet 8 inch with additional 1 ft above ceiling for wiring. Indoor 2 indoor parking spots avail for purchase - 60K each $800 mthly hoa, $120 mthly tax 6yrs tax abatement left- additional $1333/mth for re taxes after abatement expires. Building is also centrally located to all public transport, shopping, restaurants, beach- 2 Chinatowns at Ave U and 86st. Ocean Ave spans north to south in a mere 15 min drive - allows quick non-congested transit to any direction u going - Queens, Manhattan, Long Island, Upstate NY, NJ. Midwood is truly Most CENTRALLY located. Why Midwood may be a wise investment choice Midwood is possibly undervalued - based on area comparison, possible buyer demographics shift and Midwood’s pre-Hollywood history. Midwood $600-700/sf, is cheaper-perhaps safer investment in event of a downswing- compared to the north (Williamsburg/Prospect Park $1200-1400/sf). With the same subway convenience nearby, this may encourage buyer shift to south Brooklyn from the north, thus upside potential (this price difference of $600/sf may narrow and may be captured over time. Flatbush, directly above Midwood, is already at $900/sf and Midwood ($650/sf) is next in line on being possibly price influence. Also attached is thick pdf leisure reading on the PreHollywood Film History of Midwood and the Victorian Historical Area that Midwood is related to. The Summary Pg file has all the Selling pts u need as a gd Investment- the prehollywd history, buyers moving south, all makes it a gd undervalued investment for upside. Bldg is pre-qualified at Chase for buyers mortgages. Final Declaration of Condo still need to be done Will provide expert marketing advice as we have done tons of research on the Midwood area and have Final Marketing blueprint for the bldg- pls read our marketing info docs.