Successful Sale of Vanderveer Estates Portfolio
Bob Knakal and his team successfully closed the sale of the Vanderveer Estates, a multifamily portfolio comprising 59 buildings in the East Flatbush neighborhood of Brooklyn. The sale, valued at $138,500,000, represents one of the most significant multifamily transactions in Brooklyn's history at the time.
The buyer, Clipper Equity, led by David Bistricer, acquired the portfolio with plans to enhance the properties and tap into the growing demand for quality housing in the borough.
Sale Details
Sale Price: $138,500,000
Seller: Andy Davidoff, EMMES Group of Companies
Buyer: Clipper Equity, David Bistricer
Seller Type: High Net-Worth Individual (HNWI)
Asset Class: Multifamily - Elevator, Portfolio
Sale Date: October 7, 2005
Neighborhood: East Flatbush, Brooklyn
Portfolio Overview
The Vanderveer Estates portfolio consisted of 59 multifamily elevator buildings, offering a combined 2,496 units. The buildings collectively spanned 1,926,180 square feet, making this transaction one of the largest multifamily deals in the borough.
Portfolio Highlights:
- Buildings: 59
- Units: 2,496
- Total Square Feet: 1,926,180
- Price per SF: $71.90
The properties, located in a vibrant section of East Flatbush, presented a unique opportunity for redevelopment and repositioning to meet the demands of Brooklyn's evolving rental market.
Strategic Guidance and Market Expertise
Bob Knakal and his team utilized their deep understanding of Brooklyn’s multifamily market to execute this complex deal. Their approach included identifying qualified buyers, creating competitive bidding dynamics, and negotiating terms that delivered maximum value to the seller.
Andy Davidoff of EMMES Group of Companies had this to say about the process:
"Bob was the perfect choice. Bob Knakal and his team have been a valued advisor to our firm for decades. He presented a plan that we thought was very ambitious but, in his usual way, exceeded our expectations across the board. We value our relationship with him and his team and would happily recommend him to anyone looking to sell an asset in New York City."
— Andy Davidoff, EMMES Group of Companies
Neighborhood Overview: East Flatbush, Brooklyn
East Flatbush is a vibrant neighborhood known for its strong community feel and increasing investment appeal. The area offers:
- Diverse Residential Options: Predominantly multifamily and single-family homes.
- Accessibility: Proximity to public transit and major roadways.
- Development Potential: A growing hub for multifamily investment due to its relative affordability and demand for housing.
Conclusion
The sale of Vanderveer Estates is a testament to Bob Knakal and his team’s expertise in navigating complex, high-value transactions. By leveraging market knowledge, fostering competitive interest, and negotiating optimal terms, they secured a record-breaking sale for their client.
Learn More About New York Real Estate Elevator Buildings
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