Albert Srour Acquires Multifamily Property In Bay Ridge, Brooklyn For $17.1M

Located at 515 Ovington Avenue in the Bay Ridge neighborhood of Brooklyn, this multifamily property was recently sold. The transaction took place on June 19, 2020. The property, developed by Lang Development Corp - Priceman Family, consists of 67 residential units and 22 parking spaces. The sale, facilitated by Jeffrey Znaty of Kassin Sabbagh Realty, was the first in almost 70 years.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $17,100,000
• Market: Bay Ridge, Brooklyn
• Buyer: Albert Srour
• Seller: Lang Development Corp - Priceman Family
• Broker: Jeffrey Znaty @Kassin_Sabbagh_Realty
• Square Footage: 72,000
• Price Per Square Foot: $237.50
• Units: 67 residential + 22 parking spaces

During the transaction, a C-Corp sale took place, including 67 RS Apartments and 22 parking spaces. The property also benefits from existing J51. The sale marks a significant milestone as it is the first one in nearly 70 years.