Bay Ridge Apartment Building Sale Biggest of Year So Far


The rental building at 333 Ovington Avenue between 3rd and 4th Avenues just sold for $11,225,000, making it the largest real estate deal of the year so far in Brooklyn. The price tag translated into a 6% cap rate, a level that was achievable in this market because of the below-market rents in the 119-unit elevator building. Massey Knakal, which represented the seller, reported that it received 25 offers for the property. GMAP

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