Successful Sale of 427-433 Dean Street in Park Slope, Brooklyn
Bob Knakal and his team successfully closed the sale of 427-433 Dean Street, a multifamily walk-up property located in the prestigious Park Slope neighborhood of Brooklyn. This transaction, completed on October 20, 2014, involved the acquisition of two buildings by Michael Pintchik of Pintchik Inc. from institutional seller RCG Longview. Our brokerage team, led by Bob Knakal, played an essential role in facilitating this high-value sale.
The property’s significant scale—34 units across 35,000 square feet—combined with its desirable location, makes it a standout asset in Brooklyn’s competitive residential market.
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Sale Details
The sale of 427-433 Dean Street closed at a substantial $14,500,000, reflecting a price per square foot of $414.29.
- Buyer: Michael Pintchik, Pintchik Inc.
- Seller: RCG Longview
- Seller Type: Institutional investor
- Sale Date: October 20, 2014
Key Sale Highlights:
- Premium pricing reflective of Park Slope’s strong demand and limited inventory
- Institutional seller offering a well-maintained asset
- Smooth transaction process with thorough due diligence
Property Details
Located on Dean Street in Park Slope, the property is positioned within one of Brooklyn’s most desirable residential submarkets, known for its tree-lined streets, historic brownstones, and vibrant community atmosphere.
Full Address:
427-433 Dean Street, Brooklyn, NY 11217
Investment Highlights:
- Two multifamily walk-up buildings comprising a total of 34 units
- Combined rentable space of 35,000 square feet
- Built to accommodate stable residential rental income
- Positioned in a highly sought-after Brooklyn neighborhood with strong rental demand
This property is zoned for residential multifamily use and is well-suited for investors looking for long-term appreciation and consistent rental returns.
Market Strategy and Positioning
Park Slope remains one of Brooklyn’s most competitive residential markets, known for attracting renters and owners alike seeking quality housing with excellent amenities and proximity to Manhattan. This property aligns with current market trends favoring walk-up multifamily buildings in neighborhoods offering historic charm and strong community appeal. The transaction leveraged the institutional seller’s willingness to divest, meeting buyer demand for high-quality residential assets in the borough.
Neighborhood Overview: Park Slope
Park Slope is famed for its blend of historic architecture and vibrant urban life. The neighborhood offers residents a unique mix of cultural attractions, parks, and retail options.
Neighborhood Highlights:
- Close proximity to Prospect Park and Brooklyn Museum
- Excellent public transportation access including multiple subway lines
- Renowned for top-rated schools and family-friendly atmosphere
- Bustling retail corridors with cafes, boutiques, and restaurants
Conclusion
The sale of 427-433 Dean Street highlights the strength of Park Slope’s multifamily market and the value of investing in well-maintained walk-up buildings. With its prime location, sizable unit count, and institutional pedigree, this property offered a compelling opportunity for long-term investors. Our team’s expertise ensured a smooth transaction, maximizing value for both buyer and seller.
For more information on multifamily investment opportunities in Brooklyn, please contact our office.
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Frequently Asked Questions
Q1: How many units are in the multifamily property at 427-433 Dean Street?
The property contains 34 residential units across two buildings.
Q2: What is the total rentable square footage of this property?
The combined rentable area totals approximately 35,000 square feet.
Q3: Why is Park Slope considered a prime location for multifamily investments?
Park Slope offers a strong mix of historic charm, excellent amenities, high-quality schools, and convenient transportation, making it attractive to renters and investors alike.
