Bay Ridge Apartments Trade After Nearly 70-Year Hold
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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).