Elliot Shamah Acquires Multifamily Property On Ocean Parkway In Midwood For $3.6M

The recently closed property transaction in the Midwood neighborhood of Brooklyn involved the sale of a multifamily asset located at 1307 Ocean Parkway. The property is zoned as R5, OP and has a lot size of 5,069 square feet, with dimensions of 37 feet by 137 feet. The transaction took place on March 22, 2022, with a closing price of $3,600,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,600,000
• Building Square Footage (BSF): 6,336
• Price per BSF: $568
• Total Square Footage (SF): 3,447
• Price per SF: $1,044
• Floor Area Ratio (FAR): 0.68
• Tax Class: 1

The buyer of the property was Elliot Shamah, while Joseph Safdie acted as the seller. Notably, the property was sold at a price of $568 per square foot, with a lot size of 5,069 square feet. The transaction also had a floor area ratio (FAR) of 0.68 and belonged to tax class 1.