Southern Brooklyn Multifamily Portfolio Sells for $78 Million in Bensonhurst, Brighton Beach, and Sheepshead Bay

Successful Sale of Southern Brooklyn Portfolio II in Bensonhurst, Brighton Beach, and Sheepshead Bay

Bob Knakal successfully closed the sale of the Southern Brooklyn Portfolio II, a multifamily elevator portfolio consisting of seven buildings located across Bensonhurst, Brighton Beach, and Sheepshead Bay. The transaction, which closed on January 15, 2014, achieved a sale price of $78 million, equating to $190.98 per square foot for the 408,428 SF portfolio. The portfolio included a total of 481 residential units, providing a rare opportunity for a large-scale investment in three of Southern Brooklyn’s most sought-after neighborhoods.

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Sale Details

The Southern Brooklyn Portfolio II represented a unique assemblage of multifamily properties offering steady cash flow and long-term investment potential. Bob’s market expertise and proactive approach resulted in a seamless transaction for both the seller, a high-net-worth private family, and the buyer, Sentinel Real Estate.

Sale Price: $78,000,000
Date Closed: January 15, 2014
Property Type: Multifamily Elevator Portfolio
Portfolio Size: Seven Buildings, 408,428 SF, 481 Units
Price Per SF: $190.98

The portfolio's large scale and prime locations in Bensonhurst, Brighton Beach, and Sheepshead Bay attracted significant interest, leading to a highly competitive sale process.

Portfolio Overview

The Southern Brooklyn Portfolio II included:

Manhattan Beach Estates at 2835-2875 Ocean Avenue.
357 Avenue P.
Additional multifamily assets in the neighborhoods of Bensonhurst, Brighton Beach, and Sheepshead Bay.

Key features of the properties:

Building Type: Multifamily elevator buildings with spacious units.
Neighborhoods: The properties span three vibrant communities known for their residential appeal, proximity to public transportation, and access to local amenities.
Investment Appeal: Strong demand for well-maintained multifamily assets in stable and desirable areas of Southern Brooklyn.

Neighborhood Overview

Southern Brooklyn’s neighborhoods of Bensonhurst, Brighton Beach, and Sheepshead Bay offer:

Bensonhurst: A family-friendly atmosphere with diverse dining options and proximity to local parks.
Brighton Beach: A waterfront location with a vibrant cultural scene and easy access to the Atlantic Ocean.
Sheepshead Bay: Known for its marina, seafood restaurants, and suburban-like charm.

These neighborhoods are highly sought after for their balance of urban convenience and residential tranquility.

Conclusion

The sale of the Southern Brooklyn Portfolio II highlights Bob Knakal’s ability to navigate complex transactions and secure favorable terms for his clients. By leveraging market insights and maintaining strong industry relationships, Bob facilitated a seamless and successful transaction for the $78 million portfolio sale.