Successful Sale of 418 Utica Avenue in Crown Heights, Brooklyn
Bob Knakal arranged the sale of 418 Utica Avenue, a mixed-use development site positioned at the center of Crown Heights’ active commercial corridor. The asset was owned by the New York Congregation of Jehovah’s Witnesses, a nonprofit organization, and was purchased by Laundry Capital Company.
With 17,180 buildable square feet and a highly visible retail frontage, the property aligned with investor demand for flexible mixed-use redevelopment opportunities in transit-accessible Brooklyn neighborhoods.
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Strategic Transaction Overview of 418 Utica Avenue
This strategic sale delivered strong value for the nonprofit seller while placing the buyer into a maturing Brooklyn corridor known for steady retail demand and sustained mixed-use development potential.
The transaction highlights increasing investor confidence in Crown Heights and the long-term prospects of Utica Avenue as a commercial spine.
Key Sale Information for 418 Utica Avenue
A snapshot of essential transaction data for buyers, sellers, and market analysts:
- Sale Price: $1,100,000
- Price per Buildable Square Foot: $64.03
- Buyer: Laundry Capital Company
- Seller: Dan Rice, New York Congregation of Jehovah’s Witnesses
- Seller Type: Nonprofit Organization
- Asset Class: Development, Mixed-Use, Retail
- Sale Date: May 30, 2013
Property Description: Mixed-Use Development Opportunity in Crown Heights
Located between Empire Boulevard and Crown Street, 418 Utica Avenue sits in a dense, commercially active section of Crown Heights. The area is well known for strong foot traffic, essential-service retail, and growing residential populations seeking proximity to transit and local amenities.
The property’s 17,180 buildable square feet provide a significant redevelopment canvas for owners targeting a combination of retail and residential uses.
Property Details:
- Buildable Square Footage: 17,180
- Lot Size: Standard mid-block lot
- Buildings on Lot: 3
- Asset Type: Mixed-Use Development / Retail
- Zoning: Standard Crown Heights mixed-use development zoning
Investment Highlights for 418 Utica Avenue
Investors were drawn to this site due to its versatile redevelopment capacity and location along one of the neighborhood’s most essential commercial avenues.
The property’s combination of strong retail exposure and mixed-use zoning supports both immediate value-add strategies and longer-term development potential.
Highlights:
- Flexible mixed-use potential
- Strong retail visibility on Utica Avenue
- 17,180 BSF allowing for scalable development
- Located in a rapidly growing Crown Heights submarket
Market Strategy and Positioning in 2013
In 2013, Crown Heights was experiencing a surge of investor interest as buyers targeted underutilized properties near retail corridors and transit hubs. This site fit emerging trends, attracting developers exploring ground-floor retail paired with residential units above.
Positioned along a major commercial street, the property benefited from stable tenant demand and long-term appreciation driven by population growth and neighborhood reinvestment.
Crown Heights Neighborhood Overview
Crown Heights is recognized for its vibrant blend of residential blocks, active commercial stretches, and historic cultural institutions. Over the past decade, the neighborhood has seen consistent reinvestment that strengthened both retail demand and residential interest.
This dynamic environment makes Crown Heights one of Brooklyn’s most competitive neighborhoods for mixed-use development.
Nearby Points of Interest:
- Major Retail Corridors: Utica Avenue & Eastern Parkway
- Cultural Institutions: Brooklyn Children’s Museum, Weeksville Heritage Center
- Recreation: Lincoln Terrace Park, Brower Park
Key Neighborhood Description Highlights
Utica Avenue functions as a vital retail corridor serving Crown Heights’ dense residential population. Its constant pedestrian activity and essential-service businesses create a stable foundation for ground-floor commercial tenants.
At the same time, new residential development and submarket growth continue to attract a diverse renter base seeking affordability, accessibility, and cultural richness.
Neighborhood Strengths:
- High commercial activity with daily-use retail
- Growing residential demand
- Convenient transit access including bus lines and the Utica Avenue subway stop
- Cultural landmarks that attract local and citywide visitors
Conclusion: Strategic Success in a Growing Brooklyn Submarket
The sale of 418 Utica Avenue underscores the continued appeal of mixed-use development sites in Brooklyn’s evolving neighborhoods. Bob’s strategic guidance ensured clear value creation for the nonprofit seller and positioned the buyer to benefit from Crown Heights’ upward growth trajectory.
This transaction reaffirms Bob’s commitment to delivering advisory expertise across New York City’s most active development corridors.
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Frequently Asked Questions: 418 Utica Avenue Sale
Q1: What type of property is 418 Utica Avenue?
418 Utica Avenue is a mixed-use development site offering 17,180 buildable square feet suitable for retail, residential, or a combined mixed-use program. The property features existing structures and sits within zoning that supports redevelopment aligned with surrounding commercial activity. Its positioning along Utica Avenue makes it particularly attractive for investors prioritizing visibility and foot traffic.
Q2: What factors made this property appealing to investors?
Investors were drawn to the site due to its flexible zoning, strong retail exposure, and location on a high-traffic corridor in Crown Heights. The surrounding neighborhood has seen consistent population growth and increasing development, which enhances long-term asset stability. Its buildable square footage allows for a redevelopment plan that maximizes both commercial and residential value.
Q3: Who purchased the property, and what is their background?
Laundry Capital Company purchased the site. The firm is known for targeting properties with strong retail fundamentals and future development upside. Their track record includes acquiring assets in neighborhoods where long-term growth is supported by population density, commercial stability, and transit access.
Q4: What were the financial details of the transaction?
The asset sold for $1,100,000, translating to $64.03 per buildable square foot. These metrics reflect 2013 market conditions for Crown Heights, where demand for commercial and mixed-use development sites was increasing. The pricing also aligns with comparable development transactions along Brooklyn’s commercial avenues during the same period.
Q5: Why is the Crown Heights neighborhood significant for developers?
Crown Heights offers a combination of cultural vibrancy, transportation accessibility, and strong commercial corridors, making it a sought-after area for mixed-use investment. The neighborhood has experienced considerable reinvestment, including new residential construction and retail expansion. Its affordability relative to nearby markets like Prospect Heights and Bed-Stuy further enhances its appeal.
Q6: What zoning or development potential does 418 Utica Avenue offer?
The property allows for mixed-use redevelopment common to Crown Heights commercial corridors, typically supporting residential development above ground-floor retail. With 17,180 buildable square feet, developers can design a project that meets both commercial demand and long-term housing needs. The site’s zoning flexibility positions it well for transit-supportive and community-serving development programs.
Q7: How does Utica Avenue influence property value for this asset?
Utica Avenue is one of Crown Heights’ busiest commercial arteries, lined with essential retail, service businesses, and local institutions. Properties on this corridor benefit from continuous foot traffic, strong daytime and evening activity, and stable commercial tenant demand. These factors contribute to predictable revenue streams and improved long-term asset value.
