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NEW YORK CITY-A six-story rental apartment building in Brooklyn’s Bay Ridge section has traded for $11.23 million in an all-cash transaction that is reportedly the largest in the borough so far this year. The 119-unit property at 333 Ovington Ave. was last on the market 54 years ago.

The sellers, a family enterprise operating as 333 Ovington Avenue Inc., bought the property in 1955. They retained Massey Knakal Realty Services on an exclusive basis to market 333 Ovington, which obtained 25 offers. The price paid by a family enterprise, operating as SG & Sons Realty LLC, equates to 9x GRM, $121 per square foot, $94,300 per unit and a 6% capitalization rate, according to a release.

In the release, Landon McGaw, managing director at Massey Knakal, cites “the limited supply of available large elevator apartment buildings in close proximity to public transportation” along with the “historically low rents” at 333 Ovington as factors in the 6% cap rate. He adds, “The buyer will be able to maximize his ROI through his implementation of increasing rental income while significantly reducing his expenses.”

McGaw and Stephen Palmese, first VP of sales at Massey Knakl, represented the sellers. They received legal counsel on the transaction from Peter Schwartz and Lester Henner of Graubard Miller. SG & Sons legal counsel was provided by Pinczewski & Shpelfogel, PC

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