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June 25, 2020 Comments Off on Bay Ridge Apartments Trade After Nearly 70-Year Hold Views: 609 New York News, Outer Boroughs New York

Bay Ridge Apartments Trade After Nearly 70-Year Hold

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The multifamily division of Kassin Sabbagh Realty LLC (KSR) completed the sale of 515 Ovington Ave, in the Bay Ridge neighborhood of Brooklyn, on behalf of seller Lang Development Corp., and the buyer, Brooklyn developer Albert Srour.

The 72,000-square-foot residential property was sold for $17.1 million, or approximately $240 per square foot. Jeffrey Znaty, director of multifamily at KSR, handled the transaction.

“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.”

The six-story 515 Ovington was constructed in 1956. It features 67 residential units, with an average apartment size of 950 square feet. The property, which has benefitted from a J-51 property tax exemption and abatement, was sold in a complex C corporation transaction.

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