Apartment Building At 1834 Caton Avenue Sold For $18.5 Million

A Midwood-based property management company recently purchased a six-story, 83-unit apartment building at 1834 Caton Avenue, between St. Paul’s Place and Ocean Avenue, for a whopping $18.5 million, according to documents filed last week with the city.

The sale is $7.5 million more than the $11 million Caton Avenue Partners LLC purchased the property for just two years ago. Goldmont Realty, based at 1360 E. 14th Street in Brooklyn, is the new owner of the expansive, 93,378-square-foot building built in 1926.

The sale is part of a dramatically changing real estate landscape in the area, with the apartment building being located not far from the former Caledonian Hospital, which was purchased in 2007 for $15.6 million and turned into an apartment building now known as 123 on the Park. According to the complex’s website, there are five apartments available in the old hospital — four one-bedroom units and a studio — almost all of which are being rented for more than $3,000 a month. One is available for $2,816.

Another massive project, Hudson Companies’ 626 Flatbush Avenue — a 23-story, 254-unit that was vehemently contested by community members — is also located not far from the 1834 Caton Avenue property.

What do you think of the Caton Avenue sale?