A six-story, 119 rental unit elevator apartment building at 333 Ovington Avenue located between Third and Fourth Avenues in Brooklyn’s Bay Ridge neighborhood was sold in an all cash transaction valued at $11,225,000.
The sellers, 333 Ovington Avenue Inc., purchased the property in 1955. After three generations of ownership and management, the family retained Massey Knakal on an exclusive basis to market the property.
Through Massey Knakal’s comprehensive marketing program, 25 offers had been procured. The price equates to 9x GRM, $121 per square foot, $94.3k per unit, and, more notably, a 6.0% capitalization rate.
Massey Knakal Realty Services, NYC’s #1 building sales firm, exclusively represented the seller and was assisted by the legal council of Peter Schwartz and Lester Henner from Graubard Miller.
Neighborhoods: Bay Ridge/ Agents: Stephen Palmese