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Successful Sale of 450 Warren Street in Boerum Hill, Brooklyn
Bob Knakal and the team successfully arranged the sale of 450 Warren Street, a former church site located in the heart of Boerum Hill, Brooklyn. This 125,000 buildable square foot development opportunity was sold by the United Methodist Church to Tankhouse, a Brooklyn-based development firm, for $10,000,000.
Strategic marketing and a carefully structured bidding process enabled the team to exceed initial expectations, securing a final price nearly 20% higher than a previously received direct offer.
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Sale Details
This sale marked the transfer of a former one-story church building on a 100' x 120' lot in prime Boerum Hill.
Sale Price: $10,000,000
Price per Buildable Square Foot: $80
Buyer: Tankhouse
Seller: United Methodist Church
Seller Type: Non-Profit Organization
Date Closed: June 28, 2019
Key Highlights:
- 125,000 buildable square feet
- Large corner lot: 100 ft x 120 ft
- Located in the heart of Boerum Hill near key transit and amenities
- Formerly occupied by a religious institution
Property Details
450 Warren Street is situated between Bond and Nevins Streets, just steps from the Bergen Street subway station, anchoring it within one of Brooklyn’s most in-demand residential enclaves. The property offers a rare chance to develop in a neighborhood prized for its historic charm and convenient location.
Full Address: 450 Warren Street, Brooklyn, NY 11217
Zoning: Residential development permitted (zoning details available upon request)
Historic District: Not within a designated historic district
Lot Size: 100 ft x 120 ft (12,000 SF)
Buildable Square Footage: 125,000 SF
Investment Highlights:
- Unique opportunity to redevelop a former religious facility
- Block 399, Lot 6—clear ownership and legal title
- Single-story structure with strong redevelopment potential
- Positioned for luxury condo or rental development
Market Strategy and Positioning
In a tightening Brooklyn development market, this Boerum Hill site stood out for its rare scale and positioning. The team’s marketing approach emphasized the property’s large footprint, buildable density, and proximity to key retail corridors along Atlantic Avenue and Smith Street. By conducting a structured bidding process, Bob Knakal and Jonathan Hageman cultivated a competitive environment that led to a closing price significantly above the seller’s initial expectations.
Neighborhood Overview
Boerum Hill is one of Brooklyn’s most sought-after neighborhoods, known for its mix of brownstone charm, tree-lined streets, and cultural energy. It continues to attract developers and residents alike due to its proximity to Downtown Brooklyn, Barclays Center, and excellent transit access.
Notable Neighborhood Features:
- Walking distance to multiple subway lines (2, 3, 4, 5, A, C, G)
- Minutes from Barclays Center and Atlantic Terminal
- Vibrant local retail along Smith and Court Streets
- Established luxury residential demand with limited new supply
Conclusion
The $10 million sale of 450 Warren Street underscores the continued appeal of Boerum Hill as a destination for high-quality residential development. Bob Knakal and Jonathan Hageman’s structured bid strategy not only secured a strong price per buildable square foot but also created long-term value for the seller. The sale showcases the team’s ability to maximize outcomes for nonprofit institutions while helping shape the future of New York City neighborhoods.
Testimonial
“Bob Knakal and Jonathan Hageman have advised the United Methodist City Society, a religious-based multifaceted program agency, on a significant amount of our real estate issues and dispositions over the years. We turned to them as a trusted advisor because we have found them to know the entire NYC market better than any other broker; they have been completely trustworthy; and because of their unique ability to push pricing for us through their broad and structured bid process. For the sale at 450 Warren, a former church property, Bob and his team were able to achieve a price that was almost 20% higher than what we had originally considered on a direct basis from another developer. We could not be happier with the results and are thrilled with the outcome on behalf of the church.”
– Bill Shillady, Chief Executive Officer, The United Methodist City Society
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Frequently Asked Questions
Q1: What was the previous use of 450 Warren Street?
A1: The site was previously occupied by a one-story church building owned by the United Methodist Church.
Q2: How large is the development potential for the site?
A2: The property offers approximately 125,000 buildable square feet, making it suitable for a substantial residential project.
Q3: Why was the property appealing to developers?
A3: Its location in Boerum Hill, large lot size (100' x 120'), and zoning for residential use made it a prime opportunity for high-end condominium or rental development.
