Successful Sale of 547 Clinton Avenue & 540 Waverly Avenue in Clinton Hill, Brooklyn
Bob Knakal successfully facilitated the sale of 547 Clinton Avenue and 540 Waverly Avenue, a rare large-scale development opportunity in the Clinton Hill / Prospect Heights submarket. Known as Atlantic Waverly, the property consists of two substantial buildings offering significant residential or mixed-use redevelopment potential.
Positioned just off Atlantic Avenue, the site combines neighborhood character with immediate transit access, making it highly attractive to institutional and well-capitalized development buyers.
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Strategic Transaction Overview
This transaction involved a multi-building development site totaling approximately 330,000 square feet. The marketing strategy highlighted the asset’s scale, location, and long-term growth potential in one of Brooklyn’s fastest-appreciating residential corridors.
The sale captured strong investor interest in a submarket where comparably sized development parcels are extremely rare, underscoring the value of precise positioning and expert advisory services.
Key Sale Information
- Sale Price: $17,250,000
- Price per Square Foot: $52.27
- Buyer: Daten Group
- Seller: Verizon
- Seller Type: Corporation
- Asset Class: Development
- Sale Date: December 18, 2019
- Buildings: Two
Property Description: Two-Building Development Site in Clinton Hill / Prospect Heights
The site is located at the intersection of Clinton Avenue and Waverly Avenue, just off Atlantic Avenue, within one of Brooklyn’s most desirable residential submarkets.
Its configuration across two large buildings provides optionality for institutional-scale residential, mixed-use, or rental redevelopment projects, making it a unique acquisition in a neighborhood with limited large-format parcels.
Property Details:
- Addresses: 547 Clinton Avenue & 540 Waverly Avenue, Brooklyn, NY
- Total Square Footage: ~330,000 SF
- Lot Size: ~11,014 SF
- Stories: 6
- Buildings: 2
- Neighborhoods: Clinton Hill / Prospect Heights
- Development Scale: Over 100,000 buildable square feet
Investment Highlights
The scale and location of this development site offered institutional buyers substantial upside. With more than 100,000 buildable square feet and proximity to transit, retail, and cultural hubs, the asset appealed to buyers seeking long-term growth in one of Brooklyn’s strongest submarkets.
Highlights:
- Rare large-format development site
- Over 330,000 total square feet across two buildings
- Strategically positioned near Atlantic Avenue
- Suitable for high-quality residential or mixed-use redevelopment
Market Strategy and Positioning
By 2019, Brooklyn had emerged as a primary target for institutional development capital, particularly in rapidly evolving neighborhoods such as Clinton Hill and Prospect Heights.
The marketing strategy emphasized the scarcity of comparably sized parcels, long-term residential demand, and immediate access to transit and retail corridors, attracting well-capitalized buyers seeking scale and strategic positioning.
Neighborhood Overview – Clinton Hill / Prospect Heights
Clinton Hill and Prospect Heights are among Brooklyn’s most desirable residential neighborhoods, known for architectural heritage, community identity, and connectivity.
The site’s proximity to Atlantic Avenue ensures strong transit access and access to Downtown Brooklyn, Fort Greene, and cultural destinations, making it highly attractive for residential developers.
Neighborhood Highlights:
- Tree-lined streets and historic architecture
- Immediate access to Atlantic Avenue retail and multiple subway lines
- Strong demographic growth and rental demand
- Close proximity to Downtown Brooklyn, Fort Greene, and cultural hubs
Conclusion: Institutional-Scale Development Success in Brooklyn
The sale of 547 Clinton Avenue and 540 Waverly Avenue underscores Bob’s ability to execute complex, multi-building development transactions. Through strategic marketing and hands-on advisory, the property achieved its full development potential and attracted institutional buyers capable of executing large-scale projects.
This transaction highlights the value of market expertise and positioning in Brooklyn’s competitive development landscape.
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Frequently Asked Questions: 547 Clinton Avenue & 540 Waverly Avenue
Q1: What type of property is 547 Clinton Avenue and 540 Waverly Avenue?
The property is a two-building development site suitable for large-scale residential or mixed-use redevelopment, marketed for its size, location, and buildable square footage.
Q2: How large is the development site?
The site totals approximately 330,000 square feet, with over 100,000 buildable square feet, a rare scale in Clinton Hill and Prospect Heights.
Q3: Why is the location attractive to developers?
The property’s proximity to Atlantic Avenue provides strong transit access, retail opportunities, and connectivity to Downtown Brooklyn and Fort Greene, while benefiting from neighborhood character and architectural appeal.
Q4: How did the Brooklyn market impact this sale?
By 2019, Brooklyn was a primary focus for institutional development capital. Large, well-located sites like this commanded strong pricing due to high competition and limited inventory.
Q5: What neighborhoods influence demand for this site?
Demand is driven by Clinton Hill, Prospect Heights, Fort Greene, and Downtown Brooklyn, all of which contribute to long-term residential and rental interest.
Q6: Who typically pursues development opportunities of this size?
Institutional and well-capitalized developers seeking large-scale residential or mixed-use projects are most likely to acquire sites of this scale, especially in neighborhoods with strong long-term growth.
Q7: What makes this sale notable in Brooklyn’s development history?
The transaction demonstrates strategic positioning of a rare, large-format development parcel in a high-demand submarket, reflecting the importance of expert marketing and buyer targeting in institutional real estate sales.
