David Brecher pays $23.5M to Warren Cohen for 119-unit rental in Midwood

David Brecher through the entity Brelan 1000 Ocean Parkway LLC paid $23.5 million to Warren Cohen through the entity Parcjay Apartments, LLC for the 119-unit residential elevator building (D7) at 996 Ocean Parkway in Midwood, Brooklyn. The expected use is cash flowing.
The deal closed on May 12, 2026 and was recorded on May 18, 2026. The property has 154,378 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $152 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on August 1, 2024, for $1.2 million. The signatory for Warren Cohen was Warren Cohen. The signatory for David Brecher was David Brecher . The contract date was December 30, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Warren Cohen had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Steven Cohen, head officer and Halil Ljesnjanin, officer. The business entity is Parcjay Apartments Llc.

The property

The residential elevator building with 119 residential units in Midwood has 154,378 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 260 feet and is 150 feet deep with a total lot size of 39,355 square feet. The lot is irregular. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $11.9 million. The property has 120 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties, 112 housing violations, $1,600 in OATH penalties, and one housing litigation in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 163,351 square feet of built space are elevator buildings, with mixed-use buildings next occupying 5 percent of the space.

The buyer

The PincusCo database currently indicates that Breco Equities owned at least one commercial property in New York City with 75,500 square feet and a PincusCo-determined asset value of $19.3 million. The portfolio has $14.5 million in debt, borrowed from Bank Leumi. The portfolio consists of at least a single office property.

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