Elevator & Walk-Up Multifamily Portfolio in Brooklyn Heights and Bay Ridge Sells for $35M

Successful Sale of BF Group Portfolio in Brooklyn

Bob Knakal and his team successfully closed the sale of the BF Group Portfolio, a collection of five multifamily properties across Brooklyn, for $35,000,000. The portfolio included a mix of elevator and walk-up buildings, spanning a total of 271,139 square feet and 240 units.

This transaction marked a significant moment in the Brooklyn multifamily market, with properties located in prime neighborhoods such as Brooklyn Heights, Bay Ridge, Midwood, and Prospect Lefferts Gardens.

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Sale Details

The BF Group Portfolio sale represented a well-executed transaction in Brooklyn’s competitive real estate market. The five-building portfolio featured a mix of pre-war and post-war structures, offering a combination of elevator-serviced and walk-up units, making it an attractive opportunity for long-term investment.

Sale Price: $35,000,000
Asset Class: Multifamily – Elevator & Walk-Up
Total Units: 240
Total Square Footage: 271,139 SF
Price Per SF: $129.09
Number of Buildings: 5
Sale Date: March 6, 2007
Neighborhoods: Brooklyn Heights, Bay Ridge, Midwood, Prospect Lefferts Gardens

Property Details

The BF Group Portfolio featured a diverse mix of properties, including both elevator and walk-up buildings. The buildings were well-maintained, with strong rental histories and excellent access to transportation and neighborhood amenities.

Portfolio Addresses:

136 Hicks Street, Brooklyn Heights – Elevator Building
252 74th Street, Bay Ridge – Elevator Building
30 Linden Boulevard, Prospect Lefferts Gardens – Walk-Up Building
545 85th Street, Bay Ridge – Walk-Up Building
822 Ocean Avenue, Midwood – Elevator Building

These properties benefited from their locations in well-established residential neighborhoods, with access to shopping corridors, public transit, and local dining and entertainment options.

Strategic Market Positioning

Bob Knakal’s team developed a targeted marketing strategy, emphasizing the portfolio’s stable rental income, value-add potential, and prime locations. By highlighting the mix of elevator and walk-up buildings, the team attracted multiple competitive offers.

Neighborhood Overview

Brooklyn Heights – Historic brownstones, waterfront views, and a highly desirable residential community.
Bay Ridge – Strong rental market with a mix of classic pre-war buildings and modern conveniences.
Midwood – Established neighborhood with a blend of multifamily properties and vibrant commercial corridors.
Prospect Lefferts Gardens – Rapidly growing area near Prospect Park with increasing investor interest.

Conclusion

The successful sale of the BF Group Portfolio showcased Bob Knakal’s ability to position a multifamily portfolio for maximum value. By leveraging strategic marketing and deep market knowledge, his team secured a competitive sale price and strong terms for the seller.

This transaction further reinforced the strength of Brooklyn’s multifamily market, highlighting the continued demand for well-located residential properties across the borough.

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