Brooklyn MF Sells for $11M in All-Cash Deal

NEW YORK CITY-A six-story rental apartment building in Brooklyn’s Bay Ridge section has traded for $11.23 million in an all-cash transaction that is reportedly the largest in the borough so far this year. The 119-unit property at 333 Ovington Ave. was last on the market 54 years ago.

The sellers, a family enterprise operating as 333 Ovington Avenue Inc., bought the property in 1955. They retained Massey Knakal Realty Services on an exclusive basis to market 333 Ovington, which obtained 25 offers. The price paid by a family enterprise, operating as SG & Sons Realty LLC, equates to 9x GRM, $121 per square foot, $94,300 per unit and a 6% capitalization rate, according to a release.