1,000,000 Buildable Square Feet: Here Today, Not There Yesterday!
Bob Knakal and his team closed one of the most significant real estate deals in Brooklyn's history: the sale of 85 Jay Street, a 3-acre development site in DUMBO, for $345,000,000. This transaction, involving 1,000,000 buildable square feet, exemplifies the power of building long-term client relationships and delivering exceptional results.
Sale Details
After proving their capabilities with smaller assets, Bob and his team were entrusted with selling Watchtower's largest properties, including 85 Jay Street and their headquarters at 25-30 Columbia.
The sale of 85 Jay Street, with its immense development potential, represented a major victory in Brooklyn’s booming real estate market.
The site’s scale and location in DUMBO, one of Brooklyn’s most desirable neighborhoods, made it a highly sought-after development opportunity. The sale closed for $345 million, setting a new benchmark in the area.
Final Sale Price: $345,000,000
Seller: Watchtower Bible and Tract Society of New York
Property Type: Development Site
Lot Size: 3 acres
Total Buildable Square Feet: 1,000,000
Closing Date: December 21, 2016
Property Details
Bob Knakal's team, trusted with Watchtower's largest properties after success with smaller assets, closed the $345M sale of 85 Jay Street in DUMBO.
This 3-acre site with immense development potential marked a major win in Brooklyn's booming real estate market, setting a new benchmark in one of its most coveted neighborhoods.
Full Address: 85 Jay Street, DUMBO, Brooklyn, NY
Property Location: Near the East River and Brooklyn Bridge Park
Lot Size: 3 acres
Buildable Square Feet: 1,000,000
Sale Price: $345,000,000
A History with Watchtower
The seller, the Watchtower Bible and Tract Society of New York, a religious organization, had been an integral part of Brooklyn for over a century.
The organization is best known for its connection to Jehovah's Witnesses and for producing religious and educational materials in over 1,000 languages.
Watchtower had been strategically purchasing properties throughout Brooklyn for years, acquiring them at low prices before the borough became a prime real estate market.
However, as property values in Brooklyn skyrocketed, the organization decided to shift its base of operations to Wallkill, NY, where they would build an entire town. This shift presented an opportunity for Bob Knakal and his team to assist Watchtower in unlocking the value of their Brooklyn real estate portfolio.
Earning Trust Through Smaller Deals
In 2007 and 2008, Watchtower began to assess the value of their properties, but the Great Financial Crisis delayed any immediate action. When the market stabilized, the organization was ready to sell their smaller assets first. B
ob and his team knew that building trust was key to securing future deals, so they put all their efforts into selling three smaller properties for a total of $17 million. The exceptional service and results they delivered earned them Watchtower's trust.
Neighborhood Overview
Creative and Cultural Hub: Home to galleries, public art, and venues like St. Ann’s Warehouse.
Iconic Landmarks: Features Brooklyn Bridge Park, Jane’s Carousel, and Manhattan Bridge photo spots.
Thriving Dining Scene: Includes Michelin-starred restaurants and trendy cafes.
Residential Appeal: Offers industrial-chic lofts, luxury condos, and stunning waterfront views.
Business Innovation: A hotspot for tech startups and creative agencies in the “Tech Triangle.”
Accessibility: Connected by subway (F, A, C, 2/3), NYC Ferry, and walking paths across Brooklyn and Manhattan Bridges.
Conclusion
The sale of 85 Jay Street demonstrated Bob Knakal’s expertise in navigating complex transactions and his ability to foster long-term relationships that result in monumental deals. By focusing on building trust and delivering top-tier results, Bob and his team were able to secure some of the most significant real estate transactions in Brooklyn.
Testimonial
Here’s what Dan Rice, the real estate director for Watchtower, had to say about Bob’s work:
“Our work with Bob Knakal, over many years, provided us with a comfort level to allow him to help with our largest transactions. Bob was a guiding light who helped us navigate shark-infested waters, towards a result which we could not have imagined. I highly recommend Bob and his team to anyone who wants a devoted advocate on their side when they are negotiating with the toughest real estate developers in New York.”
– Dan Rice, Real Estate Director, Watchtower Bible and Tract Society of New York
Learn More About Brooklyn Real Estate Development
Explore more of our remarkable deals in our exclusive online magazine featuring DUMBO, Brooklyn 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 9 DeKalb Avenue in Downtown Brooklyn
