Successful Sale of 421 Kent Avenue in South Williamsburg, Brooklyn
Bob Knakal closed the sale of 421 Kent Avenue, a two-acre development site with approximately 440,000 buildable square feet. The property was owned by Richard Kalikow, who had foreclosed on a loan and taken title to the site.
Through proactive engagement with the brokerage community, Bob identified an unexpected buyer, achieving a remarkable sale price of $53 million—$8 million above competing offers.
Sale Details
The sale of 421 Kent Avenue highlights the value of broker cooperation in maximizing exposure and achieving superior results.
- Sale Price: $53,000,000
- Seller: Richard Kalikow (Manchester Real Estate)
- Buyer: Xinyuan Real Estate
- Seller Type: High-Net-Worth Individual
- Property Type: Development Site
- Sale Date: September 21, 2012
Key Outcome: Bob’s comprehensive marketing program and willingness to co-broke brought in a foreign buyer, marking a milestone as the first major outer-borough development site purchased by a foreign investor.
Property Overview
421 Kent Avenue is situated in the vibrant South Williamsburg neighborhood, an area known for its burgeoning development opportunities and dynamic community.
- Address: 421 Kent Avenue, Brooklyn, NY
- Lot Size: 2 acres
- Buildable Area: 440,000 square feet
- Zoning: Development
The South Williamsburg real estate market in 2012 was competitive and tightly knit. This property stood out as a prime development opportunity, attracting over 20 offers from developers active in the area.
Client-Centric Approach
Bob Knakal’s ability to secure the highest possible price for the seller stemmed from his dedication to building relationships and his emphasis on broker cooperation.
Initial Offers: Most offers ranged from $40–$45 million.
Marketing Strategy:
- A broad outreach to the brokerage community, including a one-man operation in Queens.
- Direct engagement with active developers in South Williamsburg.
This strategy resulted in identifying a foreign buyer who offered $53 million and closed the transaction within an extremely tight timeframe.
Neighborhood Insights
South Williamsburg is a sought-after location for residential and mixed-use developments, offering proximity to Manhattan and a vibrant local culture. The area’s real estate market in 2012 attracted significant interest from domestic and international investors.
Highlights of the area include:
- Accessibility to Williamsburg Bridge and public transit.
- Growing demand for high-end residential developments.
Conclusion
The sale of 421 Kent Avenue underscores Bob Knakal’s expertise in leveraging broker cooperation to maximize value for clients.
By engaging a broad network and executing a strategic marketing campaign, Bob delivered an extraordinary result, securing a record-breaking sale price.
Testimonial
“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.”
— Richard Kalikow, Manchester Real Estate
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