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Blockbuster: biggest real estate deal in BK at $11.2M

The Brooklyn Paper
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MA Bay Ridge apartment building recently sold for $11.225 million with a 6 percent cap rate, becoming the biggest real estate deal in Brooklyn through nearly half of 2009.

333 Ovington Avenue, between Third and Fourth Avenues, contains 119 rental apartments. It was sold to a local individual, said Stephen Palmese of Massey Knakal, the realtor who represented the seller, identified as 333 Ovington Avenue Inc., which bought the property more than 50 years ago.

Palmese would not reveal the name of the seller, but said it was not the developer Tishman Speyer, despite rumors. He said the building received 25 offers.

He said the units will not be turned into condominiums, saying, “That’s not on anyone’s mind. It will perpetually be a rental.”

Palmese described the building as “a stable investment,” and said its appeal was a sign of the post−bubble times.

“In the building boom, Bay Ridge wasn’t the sexiest neighborho­od,” he said, contrasting the neighborhood to neighborhoods like Downtown Brooklyn and Williamsburg.

“But now there’s a flight back to quality and a flight back to assurance, and that’s what Bay Ridge represents.”

Updated 11:48 am, January 16, 2019
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