Successful Sale of 20-35 Columbia Heights in DUMBO, Brooklyn
Bob Knakal and his team successfully closed the sale of The Watchtower Bible and Tract Society Headquarters, a premier office asset spanning 739,000 square feet in the heart of Brooklyn's DUMBO neighborhood. The deal, which was finalized on August 15, 2016, marked a significant achievement for the seller, The Watchtower Bible and Tract Society of New York.
The buyer, a joint venture between Kushner Companies and CIM Group, acquired the property for $340 million, equating to $460.08 per square foot. Bob’s focus on identifying qualified buyers and guiding the transaction with precision ensured a smooth and successful sale.
Sale Details
Sale Price: $340,000,000
Seller: Dan Rice, The Watchtower Bible and Tract Society of New York
Buyer: Kushner / CIM
Seller Type: Non-Profit Organization
Asset Class: Office
Property Type: Office Headquarters
Sale Date: August 15, 2016
Price Per SF: $460.08
Property Details
The Watchtower Bible and Tract Society Headquarters at 20-35 Columbia Heights is a landmark property encompassing four buildings and 739,000 square feet of office space. Located in the vibrant DUMBO neighborhood, the property offers stunning views of the Manhattan skyline and unparalleled proximity to Brooklyn Bridge Park.
The sale represented a strategic move for The Watchtower Bible and Tract Society, which sought to maximize the value of its real estate holdings while ensuring the property was transferred to a capable and reputable buyer.
Full Address: 20-35 Columbia Heights, Brooklyn, NY
Neighborhood: DUMBO, Brooklyn
Building Size: 739,000 square feet
Price Per SF: $460.08
Buildings: 4
The Client: A Non-Profit Organization Maximizing Real Estate Value
Dan Rice, Real Estate Director for The Watchtower Bible and Tract Society of New York, led the organization’s efforts to sell this significant property. Understanding the importance of finding a buyer capable of completing the transaction efficiently, the seller enlisted Bob Knakal and his team for their unmatched expertise and proven track record.
Bob’s team worked diligently to market the property, vet potential buyers, and focus on those who demonstrated financial capacity and reliability. Their methodical approach ensured a seamless process, protecting the interests of the non-profit organization and achieving a record-breaking sale price.
Market Strategy and Expertise
Bob Knakal’s market insight and dedication were instrumental in identifying the right buyer for such a high-profile asset. By thoroughly evaluating potential purchasers and narrowing the focus to qualified candidates, Bob and his team ensured a successful outcome.
Neighborhood Overview
DUMBO, Brooklyn, is a sought-after neighborhood known for its:
- Proximity to the Brooklyn and Manhattan Bridges.
- Stunning waterfront views of Manhattan.
- Thriving commercial and cultural environment, attracting top-tier tenants and investors.
Conclusion
The sale of 20-35 Columbia Heights demonstrates Bob Knakal’s ability to deliver exceptional results for complex, high-value transactions. His team’s meticulous approach and dedication to maximizing value ensured a smooth process and an optimal outcome for The Watchtower Bible and Tract Society of New York.
Testimonial
“Bob Knakal and his team once again showed how invaluable his participation in this transaction was. A consummate professional, Bob guided us through this process such that we discounted the buyers who could not perform and focused on those that had demonstrated the ability to close. If you are selling a large asset in New York City, you must speak to Bob Knakal and his team.”
– Dan Rice, Real Estate Director, The Watchtower Bible and Tract Society of New York
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