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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.
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