Successful Sale of 199-02 12th Avenue in St. Albans, Queens
Bob Knakal and his team successfully arranged the sale of 199-02 12th Avenue, St. Albans, Queens, a 52,300-square-foot former school building. The transaction represented a strategic outcome for the seller, John Zeiler, as the team was able to navigate the challenges of marketing a large institutional building in a primarily residential neighborhood.
The property’s appeal centered on its size, adaptability, and potential for conversion. With limited commercial demand in the immediate area, the building’s strongest potential lay in being returned to its original use as a school facility.
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Sale Details
The sale of 199-02 12th Avenue achieved a strong result, with the NYC School Construction Authority (SCA) acquiring the property for $6,800,000.
- Sale Price: $6,800,000
- Price per SF/BSF: $130.02
- Buyer: NYC School Construction Authority (School)
- Seller: John Zeiler
- Asset Class: Conversion, User
- Sale Date: August 28, 2012
This outcome was particularly significant given the limited commercial reuse options in the St. Albans neighborhood.
Property Details
Located at 199-02 12th Avenue, Queens, NY, the property is situated in St. Albans, a residential enclave characterized by single-family homes and community institutions. The building once operated as a school under the Police Athletic League and presented unique redevelopment challenges.
Investment Highlights:
- Total Building Size: 52,300 SF
- Potential Uses: School, Assisted Living, Affordable or Supportive Housing
- Property Type: Former institutional/school facility
- Lot: 1 building on site
Its scale and layout ultimately positioned it best for re-use by an educational institution.
Market Strategy and Positioning
Marketing such a specialized property required a strategic approach. Bob Knakal and his team compiled comprehensive lists of affordable housing providers, supportive housing developers, and charter schools across New York State. By contacting directors directly and supplementing the outreach with targeted marketing materials, the team generated interest among potential buyers.
This outreach ultimately led to engagement with the NYC School Construction Authority, who had designated St. Albans as a priority location for new school development. Despite the SCA’s extended due diligence process, the team secured them as the highest bidder, with a secondary buyer prepared as backup.
Neighborhood Overview
St. Albans is a historic neighborhood in Queens, known for its community-driven character and suburban appeal within New York City.
- Residential Character: The neighborhood consists primarily of single-family homes, making it a quiet and family-oriented area.
- Community Anchors: Churches, schools, and small businesses form the backbone of the local community.
- Accessibility: St. Albans is served by multiple MTA bus lines and the LIRR, providing access to Manhattan and surrounding boroughs.
- Notable Nearby Areas: The neighborhood is adjacent to Springfield Gardens and Jamaica, with nearby parks and cultural institutions offering recreational amenities.
St. Albans today maintains a reputation as a close-knit residential community, with limited commercial development but strong demand for community-serving institutions like schools.
Conclusion
The sale of 199-02 12th Avenue highlights the importance of targeted marketing and deep market knowledge in repositioning challenging assets. By identifying the NYC School Construction Authority as the optimal buyer, Bob Knakal and his team ensured the property could be restored to its original purpose, benefitting both the seller and the surrounding community.
Testimonial
“Bob and his team delivered in every way and outperformed our initial expectations by a wide margin. The board was extremely pleased with the results and are thrilled to have successfully completed the transaction.”
— John Zeiler
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Frequently Asked Questions
Q1: What type of property was sold at 199-02 12th Avenue?
It was a 52,300-square-foot former school building, originally operated by the Police Athletic League, later marketed for reuse as a school or community-serving facility.
Q2: Who purchased the property?
The NYC School Construction Authority purchased the building, with plans to bring it back into use as an educational facility to serve the St. Albans neighborhood.
Q3: What made this property challenging to sell?
The property was located in a neighborhood dominated by single-family homes, which limited commercial reuse options. Assisted living or housing conversions were explored but proved financially infeasible.
Q4: How did Bob Knakal’s team market the property?
The team reached out directly to charter schools, affordable housing developers, and government agencies, supplementing their marketing with targeted materials and letters highlighting the building’s reuse potential.
