$17M Brooklyn Multifamily Trades Hands
The transaction represents the first time that the 72,000-square-foot property has been sold in nearly 70 years.
NEW YORK CITY – Kassin Sabbagh Realty LLC’s multifamily division has completed the sale of a 72,000-square-foot multifamily property in Brooklyn, on behalf of the seller, Lang Development Corp., and the buyer, local Brooklyn developer, Albert Srour. The property was acquired in a $17.1 million transaction.
Located 515 Ovington Ave. in Brooklyn’s Bay Ridge neighborhood, the residential property sold for $240 per square foot in a C corporation transaction.
Originally developed in 1956, the six-story building features 67 residential units, averaging 950 square feet each. The property is located near Leif Ericson Park, Dust Bowl Park, McKinley Park and the newly-renovated Bay Ridge Ave. station.
The property has previously benefitted from J-15 property tax exemption and abatement.
Within the transaction, both the seller and buyer were represented by Kassin Sabbagh Realty’s director of multifamily, Jeffrey Znaty.
“Rarely do properties in this established neighborhood trade hands,” said Znaty. “This transaction marks the first time that 515 Ovington Ave. has been sold in nearly 70 years. The investment provided Albert Srour with a unique opportunity for a long-term hold.”
Throughout the past year, Znaty has completed four additional multifamily transactions for the investment and advisory firm, following New York City’s new rent regulations established in June 2019.
