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Successful Sale of 2835–2875 Ocean Avenue in Manhattan Beach, Brooklyn
Bob Knakal successfully arranged the sale of Manhattan Beach Estates, a substantial multifamily portfolio located at 2835–2875 Ocean Avenue, in the Manhattan Beach section of Southern Brooklyn. The transaction involved 7 elevator buildings and marked a significant sale in the borough’s residential investment landscape.
This $78,000,000 transaction was facilitated by Bob Knakal on behalf of a private family seller. The portfolio's scale and stable cash flow made it a highly attractive opportunity in a neighborhood known for long-term tenancy and low vacancy rates.
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Sale Details
The final sale price of $78 million equates to $190.98 per square foot, spanning across 408,428 square feet of built space and totaling 481 residential units.
The buyer, Sentinel Real Estate, acquired the buildings from a private family, capitalizing on a rare opportunity to purchase a large-scale elevator portfolio in a high-demand rental market.
Transaction Summary:
- Sale Price: $78,000,000
- Price per SF: $190.98
- Square Footage: 408,428
- Units: 481
- Sale Date: January 14, 2014
- Buyer: Sentinel Real Estate
- Seller: Private Family
- Asset Class: Multifamily - Elevator, Portfolio
Property Details
The Manhattan Beach Estates portfolio is strategically located throughout Southern Brooklyn, specifically in the neighborhoods of Manhattan Beach, Brighton Beach, and Sheepshead Bay. The core addresses include 2835–2875 Ocean Avenue and 357 Avenue P, offering ideal access to local amenities, schools, and transportation.
These pre-war elevator buildings are known for their solid construction, consistent tenancy, and efficient layouts, making them resilient investments through multiple market cycles.
Key Property Features:
- Number of Buildings: 7
- Total Units: 481
- Total SF: 408,428
- Building Type: Pre-war Elevator
- Neighborhood: Manhattan Beach / Southern Brooklyn
- Full Address (Main Building): 2835–2875 Ocean Avenue, Brooklyn, NY
Market Strategy and Positioning
The Southern Brooklyn multifamily market has continued to attract investors seeking stability, scale, and long-term upside. With limited institutional-sized assets available in the area, portfolios like Manhattan Beach Estates are rare and highly sought after.
Bob Knakal positioned this offering to appeal to large operators and institutional buyers by highlighting:
- Economies of scale across a stable rent roll
- Elevator access in each building, offering tenant convenience
- Strong in-place cash flow with upside potential through renovations or improved management
This strategy led to multiple qualified offers and competitive bidding.
Neighborhood Overview
Manhattan Beach and its surrounding areas offer a unique blend of coastal charm, community stability, and access to greater Brooklyn and Manhattan.
Highlights of the Area:
- Coastal Proximity: Just blocks from Manhattan Beach Park and the waterfront
- Transit Access: Nearby B and Q subway lines, local bus routes
- Cultural Appeal: Close to Brighton Beach’s restaurants and Sheepshead Bay’s waterfront promenade
- Community-Oriented: Known for quiet streets, excellent schools, and stable, long-term tenancy
Conclusion
The successful sale of Manhattan Beach Estates highlights Bob Knakal’s expertise in advising private owners on portfolio disposition. With deep market knowledge and a targeted marketing process, Bob was able to position the asset competitively and achieve a strong outcome for the seller.
This transaction is a prime example of Bob’s ability to guide clients through the complex Brooklyn multifamily market and secure the best possible results.
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Frequently Asked Questions
Q1: How many buildings were included in the Manhattan Beach Estates sale?
A total of 7 elevator buildings were included in the portfolio.
Q2: What made this multifamily portfolio attractive to buyers?
Its size, stable rent roll, elevator access, and location in Southern Brooklyn’s strong rental market made it an attractive investment.
Q3: Where are the properties located?
The buildings are located at 2835–2875 Ocean Avenue, 357 Avenue P, and throughout the neighborhoods of Manhattan Beach, Brighton Beach, and Sheepshead Bay.
