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Partnership Group Lands Financing to Begin Mixed Use Construction

Rosewood’s Jungreis and Pappas Complete Bay Ridge Sale

Rosewood Realty Group has completed the sale of a 43-unit multifamily building in Bay Ridge, Brooklyn for $7.25 million. The 30,000-square-foot building at 353 Bay Ridge Pkwy. is a seven-story elevator building built in 1961, with 42 rent-stabilized apartments and one ground-floor office. 

The property sold for 10 times the current rent roll with a cap rate of 4.3% and a price per unit of $168,604.65.  

Rosewood Realty’s Aaron Jungreis and Nick Pappas represented both the seller, the Baldwin LLC (Lawrence DiGiovanna & Joanne Belcaro), and the buyer, Meridian Properties LLC (Mike Neamonitakis & Mike Niamonitakis). 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
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