Jungreis and Cohen of Rosewood Realty rep buyer in $11.435 million sale

Rosewood Realty Group brokered the sale of a six-story rental apartment building in the Bay Ridge section. This is Rosewood's ninth Brooklyn property that it has sold this year. The property sold for $11.435 million in an all cash transaction. The 119-unit elevator property is located at 333 Ovington Ave. Aaron Jungreis and Devin Cohen of Rosewood represented the buyer and Massey Knakal, represented the seller. "This property was on the market for a long time and no one was biting," said Jungreis. "But with our unique knowledge and familiarity with purchasers in the neighborhood, we were able to find the right buyer for the property." In today's current market, where Jungreis said, there are "very few institutional buyers," established real estate families with cash are becoming the most prevalent buyers. "They are prepared to put down 30-40% in cash, as compared to the old 10-20%," he said. "This is a great building in a great neighborhood with lots of upside value for the buyer," said Cohen. Jungreis, who founded Rosewood with David Berger in 2007, is one of the most active commercial brokers in the industry and among the top producers in the city, closing 10 deals throughout the city so far this year. He was awarded CoStar's "Power Broker of the Year" award twice, closing $1 billion in deals in 2007, and has also been honored by the Mann Foundation. In 2007 he was named "Mann Broker of the Year." His areas of expertise are multi-family buildings and office buildings, with activity focused in New York, New Jersey, Connecticut and Florida.