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Successful Sale of 161 Columbia Heights in Brooklyn Heights, Brooklyn
Bob Knakal successfully arranged the sale of 161 Columbia Heights, a ten-unit walk-up building located in the heart of the historic Brooklyn Heights neighborhood. The seller, a nonprofit organization, had maintained ownership of the property as part of a broader real estate portfolio. Bob’s strategic market positioning and experience with similar transactions led to a favorable outcome for the client.
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Sale Details
The classic walk-up building, totaling 6,273 square feet, was sold for $2,950,000. The sale marked a timely and strategic divestment for the nonprofit owner, who engaged Bob Knakal and his team for expert guidance through the process.
Bob leveraged his knowledge of local demand and the unique appeal of Brooklyn Heights to position the property effectively. His ability to connect with the right buyer—an experienced multifamily investor—ensured a smooth and efficient closing process.
- Sale Price: $2,950,000
- Buyer: Sugar Hill Capital Partners
- Seller: Watchtower Real Estate Department
- Seller Type: Nonprofit Organization
- Asset Class: Multifamily - Walk-Up
- Units: 10
- Building Size: 6,273 SF
- Price per SF: $470.27
- Date Closed: March 15, 2012
- Full Address: 161 Columbia Heights, Brooklyn, NY 11201
Property Details
161 Columbia Heights is a classic Brooklyn Heights walk-up, featuring 10 residential units. The building stood out due to its well-maintained façade, consistent unit configuration, and location on one of Brooklyn Heights’ most desirable streets. It offered a rare opportunity to acquire a multifamily asset in an area known for its low inventory and high demand for rental units.
- Zoning: Residential
- Stories: Walk-Up Configuration
- Building Type: Classic Brick Prewar
- Lot Location: Prime Brooklyn Heights block near the Promenade
The Client: A Nonprofit with a Long-Term Real Estate Presence
The property had been under the stewardship of the Watchtower Real Estate Department for years, as part of their broader holdings in the borough. As the organization began repositioning its real estate assets, it turned to Bob Knakal for guidance. Bob’s deep knowledge of the multifamily investment market and longstanding track record in Brooklyn provided the nonprofit with confidence throughout the process.
The transaction required balancing institutional needs with market realities. Bob offered consistent advice, analysis, and strategic recommendations to align the client’s timing and pricing expectations with buyer demand.
Market Strategy and Strategic Outreach
Understanding the limited availability of quality multifamily buildings in Brooklyn Heights, Bob and his team carefully crafted a marketing strategy focused on qualified investors with a history of preserving and operating historic walk-up properties. This targeted approach not only minimized downtime but also sparked early interest and ensured competitive bidding.
The building's appeal was enhanced by its well-kept interiors, flexible unit layouts, and the neighborhood’s historic charm—all key selling points highlighted in Bob’s marketing campaign.
Neighborhood Overview
Brooklyn Heights remains one of New York City's most established and sought-after residential enclaves, offering a blend of history, charm, and convenience:
- Steps from the Brooklyn Heights Promenade with sweeping views of Manhattan
- Home to prewar brownstones, historic churches, and tree-lined streets
- Highly accessible via multiple subway lines, including the 2, 3, A, C, and R trains
- A short walk to Brooklyn Bridge Park and Downtown Brooklyn
- Protected by strict preservation guidelines, limiting new development and enhancing long-term value
Conclusion
The sale of 161 Columbia Heights is a strong example of Bob Knakal’s ability to navigate institutional sales while maximizing value for the client. By understanding the nuances of Brooklyn Heights and executing a well-planned outreach strategy, Bob helped the seller achieve an outcome that aligned with their financial and operational goals.
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