5/13/2009

Brooklyn multi-family commands $11.225M

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333 Ovington Ave.

333 Ovington Avenue Inc., has purchased a six-story, 119-unit apartment building in Bay Ridge, N.Y., for $11.225 million.

Massey Knakal Realty Services' Landon M. McGaw and Stephen Palmese represented both parties in the transaction.

Located at 333 Ovington Ave., between Third and Fourth Avenues in Brooklyn's Bay Ridge neighborhood, the building has an elevator, which made it more attractive to the buyer. It sold for $121 per square foot.

"Due to the limited supply of available large elevator apartment buildings in close proximity to public transportation coupled with the property's historically low rents, we were able to ultimately sell 333 Ovington Avenue for a notable 6% cap rate," said Massey Knakal's Managing Director, Landon M. McGaw who handled this listing with First Vice President of Sales Stephen Palmese.

Address: 333 Ovington Ave., Bay Ridge, N.Y.

Size: 119 units

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Filed Under: Multi-Family

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