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Successful Sale of 50 Orange Street in Brooklyn Heights, Brooklyn
Bob Knakal successfully closed the sale of 50 Orange Street, a 20-unit elevator apartment building located in the historic Brooklyn Heights neighborhood. The property was sold for $7,100,000, achieving $462 per square foot and marking a well-executed transaction on behalf of a nonprofit organization.
The seller, The Watchtower Bible and Tract Society of New York, relied on Bob’s experience to navigate the market and filter for serious, qualified buyers—ensuring a streamlined deal from marketing to close.
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Sale Details
50 Orange Street represented an attractive opportunity for investors looking to acquire a well-maintained, elevator-serviced multifamily building in a landmarked and tightly held section of Brooklyn.
- Sale Price: $7,100,000
- Buyer: Sugar Hill Capital Partners
- Seller: The Watchtower Bible and Tract Society of New York (Dan Rice)
- Property Type: Multifamily – Elevator
- Location: 50 Orange Street, Brooklyn, NY
- Square Footage: 15,355
- Price per SF: $462.39
- Units: 20
- Closing Date: December 20, 2011
This asset offered both stable income and long-term appreciation potential in one of Brooklyn’s most desirable residential enclaves.
Property Details
- Address: 50 Orange Street
- Asset Class: Multifamily – Elevator
- Total Square Footage: 15,355
- Total Units: 20
- Building Type: Mid-sized residential elevator building
The building's well-preserved condition and efficient layout made it ideal for a value-oriented investor, with potential for modest capital improvements and continued strong tenant demand.
Strategic Execution and Buyer Selection
Bob Knakal and his team employed a strategy focused on identifying serious buyers with proven ability to close.
In a competitive yet cautious market, the emphasis was placed on financial strength and certainty of execution. Bob’s targeted approach ensured the nonprofit seller was shielded from delays and deal risk by eliminating buyers who could not perform.
Neighborhood Overview
Brooklyn Heights is one of New York City’s most historic and picturesque neighborhoods. Its appeal includes:
- Proximity to the Brooklyn Heights Promenade and East River waterfront
- Charming brownstones and historic architecture
- Easy subway access to Manhattan via the 2, 3, A, C, and R lines
- Highly rated schools and peaceful, tree-lined streets
Conclusion
The $7.1M sale of 50 Orange Street illustrates Bob Knakal’s ability to tailor a sales process for mission-driven sellers who require discretion, professionalism, and a high level of market insight.
By filtering the buyer pool and focusing on execution-ready candidates, Bob delivered a smooth transaction and a strong price for the seller.
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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