Strategic Sale of 99 Gold Street in Brooklyn, NY
Bob Knakal closed the sale of 99 Gold Street, an 87-unit multifamily elevator building in Brooklyn’s Vinegar Hill neighborhood. The buyer, Brian Obengfell, acquired the property for $58,000,000, marking a successful transaction for Harry Ketowitz, the seller and founder of the HK Organization. Bob’s extensive knowledge of the Brooklyn market helped to secure a strong price and smooth transaction.
Sale Details
The sale price of $58,000,000 for the 111,898 square-foot multifamily property reflects the strong demand for well-located, high-quality residential assets in Brooklyn. The property’s 87 units and its status as an elevator building were key selling points that attracted considerable buyer interest. Bob’s tailored strategy and diligent negotiations resulted in the best possible terms for the seller.
Sale Price: $58,000,000
Seller: Harry Ketowitz, HK Organization (HNW)
Buyer: Brian Obengfell
Property Type: Multifamily - Elevator
Sale Date: December 31, 2012
Neighborhood: Vinegar Hill, Brooklyn
Building Size: 111,898 SF
Price per SF: $518.33
Property Overview
99 Gold Street is a prime example of a multifamily elevator property with substantial potential. Located in the rapidly developing Vinegar Hill area, the building was an attractive asset for investors looking for high-value real estate in Brooklyn. The 87-unit building’s scale and features positioned it well in the competitive market.
The Client: A High Net-Worth Seller Seeking Expert Real Estate Advice
Harry Ketowitz, an experienced property owner, sought Bob Knakal’s expertise for the sale of his multifamily asset. With years of experience in the real estate market, Bob understood the intricacies of this transaction and ensured that Ketowitz received top value for the property.
Market Strategy and Leverage
Bob’s deep knowledge of the Brooklyn real estate market, combined with his proactive marketing strategy, played a critical role in this successful sale. By leveraging relationships with potential buyers and demonstrating the appeal of the property, Bob maximized the sale price and achieved optimal terms for his client.
Neighborhood Overview: Vinegar Hill, Brooklyn
Vinegar Hill is a rapidly developing neighborhood in Brooklyn known for its historical charm and proximity to key areas such as DUMBO and the Brooklyn Navy Yard. Its strong appeal to both investors and residents makes it a prime location for multifamily properties.
Conclusion
The sale of 99 Gold Street underscores Bob Knakal’s ability to navigate complex transactions and secure favorable results for clients. By using a comprehensive strategy, Bob achieved an outstanding outcome for the seller, demonstrating his expertise and commitment to excellence in real estate.
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