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Successful Sale of 343 Menahan Street in Bushwick, Brooklyn
Bob Knakal successfully closed the sale of 343 Menahan Street, a converted SRO hotel in the heart of Bushwick, Brooklyn.
The property, originally a single-room occupancy (SRO) hotel, was repositioned as a boutique residential condominium, capitalizing on increasing demand for condo inventory in prime Brooklyn neighborhoods.
This transaction highlights the strategic value of adaptive reuse in NYC’s outer-borough submarkets.
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Sale Details
The transaction closed on January 5, 2023, at a final sale price of $1,825,000, translating to approximately $1,126.54 per buildable square foot.
The property was sold by Joseph Balistreri, categorized under the hotel sector, and acquired by Aaron Yassin, a buyer aligned with the growing trend of boutique condo ownership in gentrifying submarkets like Bushwick.
Key Sale Highlights:
- Sale Price: $1,825,000
- Price per SF/BSF: $1,126.54
- Sale Date: January 5, 2023
- Seller Type: Hotel / SRO Owner
- Asset Class: Hotel to Condo Conversion
- Buyer: Aaron Yassin
- Seller: Joseph Balistreri
Property Details
Located on Menahan Street between Wyckoff Avenue and Irving Avenue, 343 Menahan Street sits within one of Brooklyn’s fastest-evolving residential neighborhoods. This part of Bushwick has seen a significant influx of both residential conversions and new condominium projects in recent years.
Full Address: 343 Menahan Street, Brooklyn, NY 11237
Lot Size: 2,000 SF
Buildable Square Footage: 1,620 SF
Stories: Ground-level
Units: Delivered Vacant
Zoning: R6
Key Investment Highlights:
- Boutique condo conversion with strong end-user appeal
- Originally operated as an SRO, maximizing upside from repositioning
- Located within an R6 zoning district, allowing flexibility for future use
- Situated on a 2,000 SF lot in one of Brooklyn’s top-performing condo markets
Market Strategy and Positioning
Bushwick’s real estate market continues to evolve, with adaptive reuse leading the charge. Former industrial, hotel, and multifamily properties are being repositioned to meet the demand for smaller-scale, high-design condos.
The sale of 343 Menahan Street reflects the strength of this trend—particularly with buyers looking for creative or boutique assets rather than traditional multifamily inventory.
Converting a legacy SRO hotel into a residential condo enabled the seller to maximize asset value while offering a more viable use for the neighborhood's changing demographics.
Neighborhood Overview
Bushwick has emerged as a hub for artists, creatives, and design-conscious homeowners seeking a mix of character and convenience. The neighborhood’s appeal is driven by both cultural vibrancy and infrastructure upgrades.
Bushwick Highlights:
- Proximity to the L and M subway lines with quick access to Manhattan
- Flourishing local dining scene, including Roberta’s and House of Yes
- Strong demand from buyers priced out of Williamsburg and Greenpoint
- Zoned for flexible residential use with significant development activity
Conclusion
The sale of 343 Menahan Street underscores the power of adaptive reuse and thoughtful repositioning in high-demand Brooklyn submarkets.
This transaction not only reflects the market’s appetite for boutique residential opportunities but also reinforces Bob Knakal’s expertise in guiding complex sales involving legacy or non-traditional property types.
From strategic positioning to maximizing per-square-foot pricing, this successful transaction showcases Bob’s deep market knowledge and value-add approach.
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Frequently Asked Questions
Q1: What type of property was 343 Menahan Street before the sale?
It was formerly an SRO hotel, a type of single-room occupancy housing common in New York’s earlier housing stock. The property has since been repositioned into a condo-style residential use.
Q2: Why was the property attractive to the buyer?
The buyer was drawn to its location in Bushwick, zoning flexibility, and the opportunity to own a unique, already-converted residential asset in a rising neighborhood.
Q3: What is the zoning designation for 343 Menahan Street?
The property is zoned R6, which allows for residential uses and provides flexibility for small- to mid-scale developments typical of Bushwick’s brownstone and walk-up stock.
Q4: How large is the lot and what is the buildable square footage?
The lot measures approximately 2,000 square feet, with 1,620 buildable square feet utilized in the current configuration.
Q5: Are there additional residential units in the building?
At the time of sale, the property was delivered with no active residential leases, presenting a clean slate for further residential development or resale of individual condo units.
