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Successful Sale of 361 Miller Avenue in East New York, Brooklyn
Bob Knakal facilitated the successful note sale of 361 Miller Avenue, a 20-unit multifamily walk-up building in the East New York neighborhood of Brooklyn. The transaction, closed on June 20, 2012, was secured at a sale price of $1,300,000, and involved a total of 16,733 square feet of residential space. This sale reflects Bob's proficiency in navigating specialized asset sales, including note sales in evolving markets.
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Sale Details
This deal represented a unique opportunity in East New York—a neighborhood undergoing long-term transformation—with a note sale for a fully residential property. Bob’s deep understanding of the market and experience with note transactions played a critical role in successfully executing this sale.
Key Sale Highlights:
- Sale Price: $1,300,000
- Sale Date: June 20, 2012
- Property Address: 361 Miller Avenue, Brooklyn, NY 11207
- Asset Class: Multifamily - Walk-Up, Note Sale
- Square Footage: 16,733 SF
- Price per SF: $77.69
- Units: 20
- Seller: Josie Zeman, Madison Realty Capital
Bob’s team efficiently managed the complexities involved in the note sale process and ensured a seamless transaction.
Property Details
361 Miller Avenue is a 20-unit residential walk-up building offering nearly 17,000 square feet of space. Located on a quiet street in East New York, the building provides large residential layouts within a traditionally affordable housing area. This asset class continues to draw investor interest due to its potential for long-term stability and repositioning opportunities.
The Seller: Strategic Execution in a Note Sale
Josie Zeman of Madison Realty Capital engaged Bob Knakal to execute a note sale for 361 Miller Avenue. This type of transaction required specialized marketing and buyer outreach, something Bob and his team have handled across numerous distressed and performing note deals. Their strategy prioritized qualified investors with experience in repositioning rent-stabilized or value-add multifamily properties.
Market Strategy and Execution
The marketing approach focused on sourcing the right investor with the ability to close quickly on a note sale, ensuring value could be maximized for the seller.
Key elements of the strategy included:
- Targeting experienced note and distressed asset buyers
- Highlighting value potential through property repositioning
- Emphasizing the sizable footprint of the building relative to price
- Leveraging market comps and historical rental performance in East New York
Bob's method ensured buyer confidence and brought multiple bids to the table.
Neighborhood Overview
East New York is a rapidly evolving residential neighborhood in Brooklyn, offering significant opportunities for multifamily investment. Key characteristics include:
- Access to multiple subway lines, including the A, C, J, Z, and L trains
- Long-term redevelopment potential, spurred by city-led initiatives
- Increasing investor attention, due to affordability and scale of properties
- Community-focused investment, as many buildings serve long-term residents
- Mix of older residential buildings and new construction
Conclusion
The sale of 361 Miller Avenue exemplifies Bob Knakal’s expertise in executing complex transactions, including note sales within emerging neighborhoods. By delivering a strong buyer and closing the deal at $1.3 million, Bob demonstrated once again the value of experience, precision marketing, and strategic thinking in New York City real estate.
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