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Successful Sale of 98 Dekalb Avenue and 1 Rockwell Place in Fort Greene, Brooklyn
Bob Knakal and his team successfully brokered the sale of 98 Dekalb Avenue and 1 Rockwell Place, a prime development site located in the vibrant Fort Greene neighborhood. The transaction closed on April 16, 2020, at a sale price of $62,000,000, setting a notable benchmark for the area.
This achievement marks another success for Bob Knakal, whose strategic expertise ensured the best possible results for the seller, Robert Kotler. The buyer, Justin Elghanayan of Rockrose, acquired the property for future development opportunities.
Sale Details
The successful sale of 98 Dekalb Avenue and 1 Rockwell Place showcases Bob Knakal’s expertise in navigating complex development transactions.
- Sale Price: $62,000,000
- Seller: Robert Kotler
- Buyer: Justin Elghanayan, Rockrose
- Asset Class: Development
- Sale Date: April 16, 2020
- Neighborhood: Fort Greene, Brooklyn
- Price per SF/BSF: $174.65
Property Overview
The site, encompassing 98 Dekalb Avenue and 1 Rockwell Place, presents a significant development opportunity with a combined buildable square footage (BSF) of 355,000. The properties currently consist of:
- 180 Ashland Place / Lot 26: 61,950 GSF (garage, office space, and two residential units)
- 104 Dekalb Avenue / Lot 29: 3,510 GSF (retail and two residential units)
- 96 Dekalb Avenue / Lot 25: 3,600 GSF (retail and three residential units)
- Total Existing GSF: 69,060 across three lots
Bob Knakal’s detailed market knowledge and negotiation strategy helped secure favorable terms for the seller.
Market Strategy and Negotiation
Bob Knakal’s team employed a targeted approach to maximize interest in the property. This included:
- Engaging prominent developers active in Brooklyn’s thriving real estate market.
- Highlighting the site’s prime location near public transit and cultural landmarks.
- Emphasizing the development potential of 355,000 BSF to attract competitive offers.
The team’s ability to generate interest and leverage competing bids resulted in a successful sale at $62 million, with a price per BSF of $174.65.
Neighborhood Overview
Fort Greene, Brooklyn, is known for:
- Accessibility: Close proximity to public transit, including Atlantic Terminal and major subway lines.
- Cultural Attractions: Near Brooklyn Academy of Music (BAM) and Barclays Center.
- Community Appeal: A mix of historic charm, vibrant retail, and dining options.
- Development Activity: High demand for mixed-use and residential developments in a rapidly growing neighborhood.
Conclusion
The sale of 98 Dekalb Avenue and 1 Rockwell Place demonstrates Bob Knakal’s ability to build long-term relationships and deliver superior outcomes for clients. His strategic insights and market expertise enabled Robert Kotler to achieve the best terms and maximize the value of his property.
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