Successful Sale of the Central Brooklyn Portfolio in Prospect Lefferts Gardens and East Flatbush, Brooklyn
Bob Knakal and his team successfully closed the sale of the Central Brooklyn Portfolio—a three-building multifamily and mixed-use elevator portfolio—on April 24, 2012. The portfolio, totaling 157,255 square feet and containing 159 residential and retail units, sold for $18,100,000.
This transaction marked a significant success for the seller, Urban American, led by Philip Eisenberg, who entrusted Bob to navigate the complexities of a multi-asset portfolio in two of Brooklyn’s rising neighborhoods.
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Sale Details
This strategic transaction involved three buildings:
- 350 Empire Boulevard – a multifamily elevator building
- 441 Brooklyn Avenue – a mixed-use property with both residential and retail units
- 305 East 34th Street – a residential asset
Each of the properties offered unique attributes, including elevator access, generous square footage, and a mix of unit types. The total price came in at $18,100,000, with an average price of $115.10 per square foot.
The sale was executed smoothly thanks to Bob’s careful positioning of the assets in the market and his ability to engage qualified buyers capable of transacting at scale.
Sale Price: $18,100,000
Sale Date: April 24, 2012
Asset Class: Multifamily Elevator, Mixed-Use
Portfolio Size: 3 Buildings | 159 Units | 157,255 SF
Average Price per SF: $115.10
Neighborhoods: Prospect Lefferts Gardens & East Flatbush
Borough: Brooklyn
Portfolio Characteristics
- 350 Empire Boulevard: A substantial multi family elevator building providing strong rental income potential.
- 441 Brooklyn Avenue: A corner mixed-use building with retail frontage and residential units above, contributing to both street activity and asset versatility.
- 305 East 34th Street: A well-maintained residential building with long-term tenancy.
Each of these properties was strategically positioned to attract value-oriented investors looking to scale their Brooklyn holdings.
Client Objective and Strategy
The seller, a seasoned property owner with a substantial New York City portfolio, engaged Bob Knakal to spearhead the sale of this carefully assembled Brooklyn package. While the assets had stable tenancy, the seller sought to capitalize on market momentum by selling at a time of increased interest in outer-borough multifamily properties.
Bob’s marketing strategy focused on spotlighting the future growth of Prospect Lefferts Gardens and East Flatbush. By crafting a narrative around value-add potential, transit proximity, and building scale, Bob and his team attracted multiple offers.
Ultimately, the buyer, a private investment group, acquired the portfolio in full, appreciating its size, diversity, and location within two high-potential Brooklyn submarkets.
Neighborhood Overview
Prospect Lefferts Gardens and East Flatbush are emerging Brooklyn neighborhoods offering:
- Proximity to Prospect Park, Kings County Hospital, and Brooklyn Botanic Garden
- Increasing demand for large-scale multifamily investments
- Strong connectivity via subway lines and bus routes
- Vibrant, diverse communities with retail and residential growth
- A stable tenant base and rising rental income potential
Conclusion
The $18.1 million sale of the Central Brooklyn Portfolio underscores Bob Knakal’s ability to navigate portfolio-level deals and deliver superior outcomes. By highlighting the value of scale, location, and building type, Bob helped his client achieve a clean, successful exit in a dynamic Brooklyn submarket.
This sale represents yet another example of Bob’s deep market knowledge, high-touch approach, and exceptional execution across asset classes in New York City.
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