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Successful Sale of Brooklyn Hospital Development Site for $95,000,000
Bob Knakal successfully closed the sale of a portion of the Brooklyn Hospital Center’s campus, located in Fort Greene, Brooklyn, for $95,000,000. This transaction was a remarkable outcome, driven by Bob’s long-standing relationship with the hospital and his strategic approach to development site sales.
Sale Details
The sale price was $95 million, marking a major milestone for The Brooklyn Hospital Center, which used the funds to further its mission of providing top-tier healthcare services to the local community.
Bob’s consistent communication and deep understanding of the local market enabled the hospital to achieve optimal terms for the sale of the underutilized 331,000 buildable square feet located on their campus.
- Sale Price: $95,000,000
- Seller: The Brooklyn Hospital Center (represented by CEO Gary Terrinoni)
- Buyer: Simon Dushinsky, Rabsky Group
- Seller Type: Non-Profit
- Property Type: Development Site
- Sale Date: August 12, 2019
Property Details
The property, located on Fort Greene Park, had an unused portion of its campus that was ripe for development.
The hospital had been in discussions with developers for some time about how to monetize the 331,000 square feet of buildable space, but the timing of these plans clashed with their immediate need for funds.
Bob’s involvement helped streamline this process, ultimately leading to the sale of the site while preserving the integrity of the rest of the hospital’s campus.
- Full Address: Brooklyn Hospital Center Campus, Fort Greene, Brooklyn, NY
- Zoning: Development
- Property Type: 331,000 Buildable Square Feet of Air Rights
- Sale Price: $95,000,000
The Client: A Non-Profit with a Mission
The Brooklyn Hospital Center, led by CEO Gary Terrinoni, has long been a cornerstone of healthcare in Brooklyn. With a history of philanthropic work, the hospital was focused on maintaining its high-quality medical services while simultaneously addressing its need to generate funds for future development.
As a member of the Prescott Foundation for Children, Bob Knakal had developed a strong relationship with the hospital over the years. His involvement began with philanthropic support, including donations to the pediatric intensive care unit (PICU). When the hospital began exploring ways to monetize its real estate assets, Bob was the first person they turned to for guidance.
Bob’s deep knowledge of both development site sales and the needs of non-profit organizations positioned him as the ideal advisor for this transaction. He guided the hospital through each step, ensuring that their interests were carefully protected and that the outcome aligned with their long-term goals.
Market Strategy and Leverage
Bob’s strategy for the sale was multifaceted. He leveraged the hospital’s strong location on Fort Greene Park and its unused buildable rights to generate significant interest from local developers.
His team implemented a broad marketing campaign, targeting experienced developers capable of handling complex projects. This approach attracted Simon Dushinsky of Rabsky Group, a developer well-versed in the local market and one who shared the hospital’s vision for the future development of the campus.
Bob’s in-depth knowledge of the market and ability to connect the right buyer with the right opportunity ultimately led to the successful closing of the transaction.
Neighborhood Overview
Fort Greene, Brooklyn, is a vibrant and rapidly growing neighborhood with a rich history.
Key factors driving development interest:
- Proximity to cultural and commercial hubs, such as Downtown Brooklyn and Atlantic Avenue.
- Close to Fort Greene Park, enhancing its appeal.
Sale of a portion of the Brooklyn Hospital Center campus:
- Reflects increasing demand for development sites in this high-demand area.
- Highlights the strategic importance of the location for developers.
Conclusion
The sale of the Brooklyn Hospital Center development site is a testament to Bob Knakal’s ability to navigate complex transactions while maintaining a focus on the client’s needs and objectives.
His experience with non-profit organizations, combined with his expertise in development site sales, enabled him to secure a substantial sale price that will support the hospital’s ongoing mission.
This transaction highlights Bob’s dedication to building long-term relationships and his ability to leverage market knowledge to achieve the best possible outcomes for his clients.
Testimonial
“Bob Knakal and his team were invaluable in guiding us through the sale of our development site. Their expertise in both real estate and non-profit organizations made them the perfect partner for this complex transaction. Bob’s thoughtful advice and attention to detail helped us achieve a remarkable result that will continue to support our mission for years to come. I highly recommend Bob and his team to any seller of a development site in New York City.”
– Gary Terrinoni, CEO, The Brooklyn Hospital Center
Learn More About Brooklyn Real Estate Development
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