Albert Srour pays $17M for long-held multifamily property in Bay Ridge

Albert Srour through the entity Ovington Shareholder LLC paid Lang Development Corp. $16.9 million for 515 Ovington Avenue in Bay Ridge. The deal closed on June 18, 2020, and was recorded on June 24, 2020. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 67 residential units. The property is 72,000 square feet. The parcel(s) have total development potential of 72,000 square feet.
The sale price per unit is $252,239.

The sale of the rent-stabilized building was done through the acquisition of the shares in the ownership corporation, not a deed transfer. The property sold after the owners held it for nearly 70 years. Jeffrey Znaty of Kassin Sabbagh Realty brokered the transaction. The sale prices was reported as $17.1 million in the Commercial Observer.

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Direct link to the city’s interactive property map, ZOLA. link

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