Stephen Sultan Acquires Multi Family Property In Midwood, Brooklyn For $3.97M

The multi-family property located at 1579 Ocean Parkway in Midwood, Brooklyn has been sold. The transaction took place on November 18, 2021. The property is zoned as R5, OP, and has a lot size of 6,000 square feet with dimensions of 40 feet by 150 feet. The previous sale of the property was on February 28, 2021, for a price of $0. The current sale price of the property is $3,970,000.

Summary of transaction details

• Property Type: Multi Family
• Transaction Amount: $3,970,000
• Market: Midwood, Brooklyn
• Zoning: R5, OP
• Lot Size: 6,000 square feet
• Last Sale Price: $0 (2/28/2021)
• Lot Dimension: 40 ft x 150 ft

The buyer of the property is Stephen Sultan, while the seller is Maurice Setton. The building has a total square footage of 3,468 and a building square footage (BSF) of 7,500, resulting in a price per square foot (PPSF) of $1,145. The price per BSF is $529. The floor area ratio (FAR) for the property is 0.58, and it falls under tax class 1.