Broker Cooperation Leads to Successful Sale of 29 Jay Street in DUMBO for $11.4 Million
Bob Knakal and his team successfully brokered the sale of the development site at 29 Jay Street, DUMBO, Brooklyn, for $11,400,000. This transaction is a prime example of the importance of broker cooperation and how it can lead to exceptional results for clients. By proactively engaging with the brokerage community, Bob and his team were able to find the right buyer for this site, ultimately benefiting the seller with a significant sale price.
Sale Details
Despite the challenges posed by the competitive DUMBO market, the team was able to secure a buyer who recognized the value of the 29 Jay Street development site. The property was sold for $11,400,000, a figure that reflected the strength of the marketing campaign and the collaborative efforts of the team.
Sale Price: $11,400,000
Seller: Confidential
Buyer: Confidential
Seller Type: Real Estate Developer
Property Type: Development Site
Sale Date: March 23, 2020
Property Details
29 Jay Street is located in the vibrant DUMBO neighborhood of Brooklyn, an area known for its industrial charm, artistic community, and booming real estate market. The development site was an attractive opportunity for investors, given its prime location and potential for new construction.
Full Address: 29 Jay Street, DUMBO, Brooklyn, NY
Zoning: Development
Property Type: Development Site
Sale Price: $11,400,000
The Importance of Broker Cooperation
Bob Knakal has always emphasized the benefits of working with outside brokers to maximize exposure and ensure the best possible outcomes for sellers. This philosophy was exemplified in the sale of 421 Kent Avenue in South Williamsburg, where cooperation with a one-man brokerage resulted in a sale that exceeded expectations by $8 million.
The strategy employed for 29 Jay Street was no different. By proactively engaging the brokerage community, Bob and his team were able to reach a wider pool of potential buyers, ensuring that the property received maximum visibility. This approach was crucial in identifying the right buyer for the site and achieving a successful sale.
Neighborhood Overview
The DUMBO neighborhood has been experiencing rapid growth and development, making it a hotspot for real estate investors. The area’s historic buildings, waterfront views, and proximity to Manhattan have made it a desirable location for both residential and commercial projects. Despite the competitive market, the sale of 29 Jay Street demonstrated that with the right approach and market knowledge, sellers can achieve outstanding results.
Conclusion
The sale of 29 Jay Street in DUMBO highlights the importance of broker cooperation and the value it brings to real estate transactions. By engaging with the brokerage community and implementing a comprehensive marketing strategy, Bob Knakal and his team were able to secure a favorable sale price for the seller. This transaction is another example of Bob’s deep understanding of the New York City real estate market and his commitment to delivering exceptional results for his clients.
Testimonial
Here is what Richard Kalikow of Manchester Real Estate had to say about a similar transaction:
“Bob and his team did a great job helping us bring this very difficult transaction to a close. Through their comprehensive marketing program, which included proactively engaging with the brokerage community, they were able to identify a very unlikely purchaser who performed as they said they would on the transaction within an extremely tight time frame. I would happily work with Bob and his team again and highly recommend him to other sellers.”
Learn More About DUMBO Brooklyn Real Estate Development
Explore more of our remarkable deals in our exclusive online magazine featuring DUMBO and surrounding area Development Site Sales. Discover how we consistently maximize value and sale prices for our clients across New York City's most desirable neighborhoods, including 300 Livingston Street in Downtown Brooklyn.
