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Midwood neighborhood has seen another significant sale, with Joseph Sutton, an executive at Wharton Properties, purchasing a single-family home at 935 East Ninth Street for $9.5 million. This is the largest sale in the area this year, according to StreetEasy. The 4,100-square-foot house was renovated by Marvin and Barbara Azrak, who bought it in 2015 for $2.1 million.
The sale reflects a growing trend of higher prices in the area, similar to those found in Park Slope or Brooklyn Heights. Last month, another home on East Ninth Street sold for $7 million, more than doubling its original price from 1985. Many sales in the area occur off-market between community members, often within real estate families.
The largest deals in Midwood seem to center around a few prominent real estate families, including the Suttons and the Azraks. In recent years, these families have made significant purchases, such as Jeff Sutton's $14 million deal for 2088 East Third Street in Gravesend. The limited number of homes near important synagogues and substantial renovations have driven up prices in the area.
