Sale of Jamaica-Hollis Multifamily Portfolio in Queens for $38,500,000

Successful Sale of Jamaica-Hollis Multifamily Portfolio in Queens

Bob Knakal and his team successfully closed the sale of the Jamaica-Hollis Portfolio, a five-building multifamily portfolio totaling 354 units across walk-up and elevator buildings. Located in Hollis and Jamaica, Queens, the portfolio spanned 306,286 square feet and traded for $38,500,000.

The sale marked a strategic transaction in the Queens multifamily market, as Bob Knakal’s team leveraged demand for value-add rental assets to achieve the best possible outcome.

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Sale Details

This transaction involved a mix of elevator and walk-up buildings, reflecting the strong rental market in Queens. The sale price equated to $125.70 per square foot, highlighting the portfolio’s investment potential.

Sale Price: $38,500,000
Asset Type: Multifamily – Elevator & Walk-Up Portfolio
Sale Date: February 15, 2012
Total Units: 354
Total SF: 306,286
Price per SF: $125.70
Buildings: 5

Bob Knakal’s market positioning and outreach helped navigate the complexities of selling a large-scale portfolio in an evolving rental market, securing an optimal outcome.

Property Overview

The Jamaica-Hollis Portfolio consisted of five multifamily buildings offering a mix of walk-up and elevator configurations, catering to a range of tenant preferences.

Addresses:
- 191-11 Woodhull Avenue (Walk-Up)
- 91-59 191st Street (Elevator)
- 148-88 88th Avenue (Walk-Up)
- 88-09 148th Street (Elevator)
- 88-25 148th Street (Elevator)
Location: Hollis & Jamaica, Queens
Total Stories: Varies by building

The portfolio’s unit mix and location made it a prime candidate for long-term rental investment, with significant upside potential.

Market Strategy and Leverage

Bob Knakal’s approach focused on highlighting the portfolio’s scale and value-add potential, attracting strong investor interest.

Positioned the buildings to appeal to long-term multifamily investors.
Marketed to institutional buyers seeking stable rental assets in Queens.
Highlighted the area’s increasing demand for quality rental housing.
Created competitive interest, maximizing the final sale price.

Neighborhood Overview

Hollis and Jamaica are key residential hubs in Queens, offering strong demand for rental properties.

Jamaica
- Major transportation hub with LIRR, subway, and bus connections.
- Growth in mixed-use and residential developments.
Hollis
- Established neighborhood with tree-lined streets and residential appeal.
- Strong demand for affordable and market-rate rental housing.

These factors contributed to the portfolio’s strong positioning in the multifamily investment market.

Conclusion

The sale of the Jamaica-Hollis Portfolio highlights Bob Knakal’s expertise in navigating complex multifamily transactions. His team’s market insight and strategic approach led to a successful outcome, securing a strong sale price and favorable terms.

This transaction reinforces the continued investor demand for large-scale multifamily assets in Queens, positioning the portfolio as a long-term rental investment.