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Deals & Dealmakers

Brooklyn apartment building trades for $17M

The multifamily division of Kassin Sabbagh Realty LLC completed the sale of 515 Ovington Avenue in the Bay Ridge neighborhood of Brooklyn.

Jeffrey Znaty, director of multifamily, represented the seller, Lang Development Corp., and the buyer, Albert Srour, a local Brooklyn developer.

The 72,000 s/f residential property was sold for $17.1 million, or approximately $240 per square foot.

“Rarely do properties in this established neighborhood trade hands,” said Znaty. “This transaction marks the first time that 515 Ovington Avenue 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 Avenue was constructed in 1956. The 72,000-s/ft residential building features 67 residential units, with an average apartment size of 950 square feet.

The residential property is a short walk from R train at the newly renovated Bay Ridge Avenue station. Nearby landmarks include Leif Ericson Park, Dust Bowl and McKinley Park.

The property, which has benefitted from a J-51 property tax exemption and abatement, was sold in a complex C corporation transaction. KSR has substantial experience in successfully completing difficult transactions like the sale of 515 Ovington Avenue.

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