Historic Carroll Gardens, Brooklyn with Two Multifamily Elevator Buildings Sold for $50.5 Million

Successful Sale of the Carroll Gardens Portfolio in Brooklyn

Bob Knakal and his team successfully closed the sale of the Carroll Gardens Portfolio, a collection of multifamily elevator buildings located at 505 Court Street and 204 Huntington Street in Brooklyn’s Carroll Gardens neighborhood.

The portfolio sold for $50,500,000, achieving a price of $211.30 per square foot. This milestone sale marked a significant outcome for sellers David Gaunt and Murray & Gaunt, who had owned the properties for several years. The buyer, Richard Mack, acquired the portfolio as a promising investment opportunity in a high-demand residential area.

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Sale Details

The Carroll Gardens Portfolio was sold on December 1, 2003, for $50.5 million. The properties featured:

Buildings: 2 multifamily elevator buildings.
Units: 184 residential units.
Square Footage: 239,000 SF.
Price Per SF: $211.30.

Bob Knakal’s in-depth market knowledge and negotiation expertise ensured the sellers achieved the best possible terms for this high-value asset. The transaction highlighted the strong demand for multifamily properties in Carroll Gardens and the broader Brooklyn area.

Property Details

The Carroll Gardens Portfolio consisted of two buildings located at:

505 Court Street
204 Huntington Street

Both properties were prime candidates for conversion or continued multifamily use, offering significant upside potential for the new owner. Their location in Carroll Gardens, a highly desirable neighborhood, further enhanced the portfolio’s appeal.

The Clients: Longtime Owners Seeking Maximum Value

David Gaunt and Murray & Gaunt, the longtime owners of the Carroll Gardens Portfolio, turned to Bob Knakal and his team to secure the best possible outcome for their properties. Bob’s tailored approach and consistent market updates positioned the sellers to capitalize on Carroll Gardens’ growing popularity and strong demand for residential properties.

Market Strategy and Buyer Engagement

Bob Knakal’s team implemented a comprehensive marketing strategy, targeting:

Local and national multifamily investors.
Developers interested in potential conversions.

This strategy generated competitive interest, ultimately leading to the successful sale to Richard Mack.

Neighborhood Overview

Carroll Gardens is one of Brooklyn’s most sought-after neighborhoods due to its:

Charming Streetscape: Tree-lined streets and historic brownstones.
Vibrant Community: A mix of longstanding residents and new families.
Prime Location: Proximity to Manhattan and other Brooklyn hotspots.
Cultural Appeal: Renowned for its local restaurants, shops, and parks.

Conclusion

The sale of the Carroll Gardens Portfolio underscores Bob Knakal’s ability to deliver outstanding results for his clients. Through a combination of deep market knowledge, strategic marketing, and negotiation expertise, Bob and his team achieved a record-breaking transaction, maximizing value for David Gaunt and Murray & Gaunt while meeting the needs of buyer Richard Mack.