Vincent Ragosta pays $7M to Meridian Properties for property in Bath Beach

Vincent Ragosta through the entity Bayville Arms, LLC paid Meridian Properties’s MVN Realty LLC $7.2 million for 8678 Bay Parkway in Bath Beach. The deal closed on September 12, 2019, and was recorded on September 24, 2019. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 29 residential units. The property is 30,960 square feet. The parcel(s) have total development potential of 30,960 square feet.
The sale price per unit is $249,138.
The estimated cap rate is 1.4%
The last time the property sold was May 21, 2008, for $3,000,000.

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