Successful $32.15M Sale of the Marine Park Luxury Rental Portfolio in Brooklyn
Bob Knakal successfully completed the sale of the Marine Park Luxury Rental Portfolio, a significant multifamily collection of 17 walk-up buildings totaling 144 rental apartments in Marine Park, Brooklyn. This $32,150,000 transaction highlights the strength of Brooklyn’s rental housing market, demonstrating how community-focused neighborhoods with stable tenancy continue to attract institutional investment.
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Detailed Sale Breakdown of the Marine Park Multifamily Portfolio
This portfolio sale represents a major benchmark in the Brooklyn multifamily sector. With demand for stable income-producing assets surging in 2015, investors viewed the Marine Park properties as a rare opportunity to secure both scale and stability in one of Brooklyn’s most community-driven neighborhoods.
Key Sale Highlights:
- Sale Price: $32,150,000
- Price per SF: $287.26
- Buyer: Related
- Seller: Torchlight Investors, Steve Nordyke
- Asset Class: Multifamily – Walk-Up Portfolio
- Sale Date: July 3, 2015
Prime Property Details of the Marine Park Rental Portfolio
The Marine Park Luxury Rental Portfolio includes 17 low-rise walk-up buildings situated near Burnett Street and Fillmore Avenue in Brooklyn. With a combined total of 111,921 square feet and 144 units, this portfolio offered investors an immediate rent roll with upside potential through long-term tenancy and asset management.
Property Highlights:
- Total Buildings: 17 walk-up multifamily properties
- Total Units: 144 apartments
- Total Square Footage: 111,921 SF
- Portfolio Addresses: 1865 Burnett Street, 2801–23 Fillmore Avenue
- Building Type: Low-rise walk-up multifamily
- Average Building Size: 6,583 SF
Market Strategy and Positioning Behind the Portfolio Sale
Brooklyn’s multifamily investment market in 2015 was defined by rising rents, a strong tenant base, and limited new development opportunities in neighborhoods like Marine Park. Portfolios of this scale rarely came to market, creating competition among institutional buyers. By positioning the portfolio as both a stable income stream and a long-term growth opportunity, Bob Knakal secured a premium outcome for the seller.
Why Marine Park is a Premier Neighborhood for Multifamily Investment
Marine Park is one of Brooklyn’s most established and desirable residential enclaves, offering residents a suburban feel within the city. With its blend of green space, family-friendly amenities, and reliable transit connections, the neighborhood provides an ideal foundation for long-term rental demand.
Neighborhood Highlights:
- Marine Park Green Space: Anchored by Brooklyn’s largest park, offering 798 acres of trails, fields, and waterfront recreation.
- Local Shopping & Dining: Access to Kings Plaza Mall, Avenue U retail, and Gerritsen Avenue dining options.
- Community & Schools: Strong local schools and a reputation as one of Brooklyn’s most family-oriented neighborhoods.
- Transportation: Easy access to the B3, B41, and Q35 bus lines with subway connections nearby.
Conclusion: Scale and Stability in Brooklyn Multifamily Investment
The $32.15 million sale of the Marine Park Luxury Rental Portfolio underscores the appeal of Brooklyn’s multifamily sector to institutional investors. With 17 buildings, 144 units, and over 111,000 square feet, the transaction highlights both scale and community-driven stability. Bob Knakal’s expertise in market positioning and investor outreach ensured the portfolio was placed with a buyer who valued both the short-term returns and long-term growth potential of Marine Park real estate.
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Frequently Asked Questions About the Marine Park Luxury Rental Portfolio Sale
Q1: What is included in the Marine Park Luxury Rental Portfolio?
The portfolio consists of 17 low-rise walk-up apartment buildings with a total of 144 rental units and 111,921 square feet of residential space, concentrated in Brooklyn’s Marine Park neighborhood.
Q2: When did the sale occur and what was the final price?
The sale closed on July 3, 2015, at a price of $32,150,000, translating to roughly $287 per square foot across the portfolio.
Q3: Who were the buyer and seller in this transaction?
The buyer was Related, one of the largest real estate investment and development firms in the U.S. The sellers were Torchlight Investors and Steve Nordyke, both experienced multifamily owners and operators.
Q4: Why is Marine Park considered a desirable neighborhood for investment?
Marine Park combines suburban-style living with city convenience. It is anchored by Brooklyn’s largest public park, features strong schools, and maintains high community engagement. These factors support consistent rental demand and long-term tenant retention.
Q5: How many apartments and buildings were included in the portfolio?
The portfolio comprised 144 apartments spread across 17 walk-up buildings, averaging about 8–9 units per property. Each building offered efficient layouts and long-term income potential.
Q6: What was the size of the portfolio in square footage?
Collectively, the buildings span 111,921 square feet, averaging approximately 6,583 square feet per building, making it a significant multifamily footprint in the Marine Park area.
Q7: What broader market trends influenced this sale?
In 2015, Brooklyn multifamily was seeing heightened investor interest due to limited new construction in established neighborhoods, rising rental rates, and a shift toward stable, income-generating portfolios. This made Marine Park particularly attractive to institutional buyers.
Q8: How did Bob Knakal’s strategy impact the success of the deal?
By highlighting the portfolio’s scale, stable occupancy, and long-term neighborhood appeal, Bob Knakal positioned the sale to attract institutional capital. His expertise in marketing multifamily portfolios ensured strong buyer interest and a premium closing price.
