Jungreis and Pappas of Rosewood facilitate $7.25 million multifamily sale

Brooklyn, NY Rosewood Realty Group completed the sale of a 43-unit multifamily building in Bay Ridge, for $7.25 million.

The 30,000 s/f building at 353 Bay Ridge Parkway is a seven-story elevator building built in 1961 with 42 rent stabilized apartments and one ground floor office.

It sold for 10 times the current rent roll with a cap rate of 4.3% and a price per unit of  $168,604.There are 21 studios and 21 one-bedroom apartments.

Rosewood’s Aaron Jungreis and Nick Pappas represented both the seller, Baldwin LLC (Lawrence DiGiovanna and Joanne Belcaro) and the buyer, Meridian Properties LLC, (Mike Neamonitakis and Mike Niamonitakis)

The deal closed on Sept. 28^th.