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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).
- ◦Sale/Acquisition

