Successful Sale of a Seven-Building Multifamily Portfolio in Queens
Bob Knakal and his team successfully arranged the sale of the Metropolitan Portfolio, a collection of seven multifamily elevator buildings spanning 427,450 square feet across Elmhurst and Sunnyside, Queens. The portfolio, which consisted of 454 residential units, closed at a final sale price of $57,500,000 on October 1, 2003.
This transaction showcased Bob’s expertise in handling large-scale multifamily assets, ensuring the best possible outcome through market positioning and a competitive sales process.
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Sale Details
The Metropolitan Portfolio, with its high unit count and prime locations across two sought-after Queens neighborhoods, attracted strong interest from investors. Bob and his team leveraged this demand to negotiate a favorable transaction.
- Sale Price: $57,500,000
- Asset Class: Multifamily – Elevator, Portfolio
- Total Units: 454
- Total Square Footage: 427,450 SF
- Price per SF: $134.52
- Number of Buildings: 7
- Closing Date: October 1, 2003
- Neighborhoods: Elmhurst, Sunnyside
With a mix of well-maintained, income-generating properties, the portfolio provided a unique opportunity for long-term investment in one of Queens’ most stable multifamily markets.
Portfolio Overview
The Metropolitan Portfolio comprised seven residential buildings, strategically located near major transit hubs and thriving commercial corridors. The properties included:
- 40-15 Hampton Street
- 40-25 Hampton Street
- 40-35 Hampton Street
- 40-45 Hampton Street
- 45-35 44th Street
- 84-49 Elmhurst Avenue
- 85-05 Elmhurst Avenue
The portfolio’s strong occupancy, diverse unit mix, and prime locations in Elmhurst and Sunnyside contributed to its appeal.
Market Strategy and Competitive Positioning
Bob Knakal and his team utilized a targeted marketing approach to generate interest from investors focused on high-density, cash-flowing multifamily assets. Key elements of the strategy included:
- Broad outreach to national and local investors to drive competition.
- Highlighting the portfolio’s strong cash flow potential and long-term appreciation prospects.
- Positioning the buildings as a rare, large-scale multifamily opportunity in Queens.
This strategy helped secure an optimal sale price and favorable terms for the seller.
Neighborhood Overview
Elmhurst and Sunnyside are two of Queens' most desirable residential neighborhoods, known for their strong rental demand and connectivity to Manhattan.
- Elmhurst:
- Well-connected via the E, F, M, and R subway lines.
- A diverse community with a mix of retail, dining, and cultural institutions.
- Proximity to major shopping centers, including Queens Center Mall.
- Sunnyside:
- Offers a mix of pre-war co-ops and multifamily rental properties.
- Excellent transit access, including the 7 train and express bus routes.
- Features tree-lined streets and a strong sense of community.
Conclusion
The successful sale of the Metropolitan Portfolio highlights Bob Knakal’s expertise in navigating complex multifamily transactions and maximizing value for his clients. Through strategic marketing, targeted outreach, and deep market knowledge, Bob and his team positioned the portfolio as a prime investment opportunity, leading to a $57.5 million sale at competitive terms.
This transaction reaffirms Bob’s ability to deliver exceptional results in New York City’s dynamic real estate market.
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