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Successful Sale of the Eastern Parkway Portfolio in Ocean Hill, Brooklyn
Bob Knakal successfully closed the sale of the Eastern Parkway Portfolio, a rare 61-unit collection of mixed-use and multifamily walk-up properties located in the evolving Ocean Hill neighborhood of Brooklyn. The portfolio, comprising 1613–1625 Eastern Parkway and 1631 Eastern Parkway, was sold for $9,625,000, underscoring strong investor demand for well-located, income-producing assets in emerging submarkets.
The transaction showcased the appeal of stable rental income paired with significant long-term upside through potential renovations and repositioning.
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Sale Details
The Eastern Parkway Portfolio sold for $9,625,000, equating to $444.78 per square foot based on 21,640 total square feet.
The sale was completed on October 31, 2014, with the buyer, Inception Investors led by Arvind Bajaj, acquiring the properties from H.K. Organization, represented by Shelby Goldgrab.
Highlights of the transaction include:
- Sale Price: $9,625,000
- Price per SF: $444.78
- Buyer: Inception Investors, Arvind Bajaj
- Seller: H.K. Organization, Shelby Goldgrab
- Asset Class: Mixed-Use, Multifamily – Walk-Up, Portfolio
- Sale Date: October 31, 2014
- Units: 61 total residential and commercial units
Property Details
The Eastern Parkway Portfolio is strategically located along Eastern Parkway between Eastern Parkway Extension and Saratoga Avenue, offering excellent subway connectivity via nearby Broadway Junction and multiple bus lines. Ocean Hill, a submarket of Bedford-Stuyvesant, has seen increased investment interest due to its relative affordability and growth potential.
Addresses:
- 1613–1625 Eastern Parkway – Walk-up buildings
- 1631 Eastern Parkway – Mixed-use property
Key Investment Highlights:
- Year Built: Early 20th century (updated over time)
- Property Mix: Residential walk-up buildings with mixed-use frontage
- Units: 61 total apartments and retail spaces
- Total SF: 21,640 square feet of rentable space
Market Strategy and Positioning
The Ocean Hill submarket has been steadily gaining traction among investors due to its improving residential profile, proximity to transit hubs, and affordability compared to nearby Crown Heights and Bushwick. Bob Knakal positioned the portfolio to highlight stable in-place income alongside the potential for value-add upgrades. By marketing to both local and national investors, the team generated competitive interest and achieved a favorable sale price within the client’s target timeframe.
Neighborhood Overview
Ocean Hill’s reputation is growing as a residential enclave with easy access to Manhattan and Downtown Brooklyn. Once overlooked, the neighborhood is now attracting both renters seeking affordability and developers aiming to capitalize on its upward trajectory.
Nearby attractions and amenities include:
- Cultural Access: Close to Brooklyn Children’s Museum and cultural hubs in Crown Heights.
- Transit Connectivity: Served by the A, C, J, Z, and L subway lines at nearby Broadway Junction.
- Green Spaces: Easy access to Highland Park and community gardens.
- Retail and Dining: A mix of local eateries, fresh markets, and emerging coffee shops along Eastern Parkway.
Conclusion
The sale of the Eastern Parkway Portfolio highlights the strong demand for stable, income-producing assets in emerging Brooklyn neighborhoods. Bob Knakal’s ability to strategically market the properties to a broad pool of investors ensured a successful closing and maximized value for the seller. This transaction further demonstrates the firm’s expertise in navigating multi-building portfolio sales in evolving submarkets.
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Frequently Asked Questions
Q1: What properties are included in the Eastern Parkway Portfolio?
The portfolio consists of 1613–1625 Eastern Parkway, a series of multifamily walk-up buildings, and 1631 Eastern Parkway, a mixed-use property with both residential and commercial units.
Q2: How many units are in the portfolio?
There are 61 total units across the portfolio, combining residential apartments with retail spaces for a balanced income stream.
Q3: What is the total square footage of the portfolio?
The combined rentable space for the Eastern Parkway Portfolio is approximately 21,640 square feet.
Q4: Why is Ocean Hill considered an emerging market?
Ocean Hill offers relative affordability, strong transit access via multiple subway lines, and proximity to established neighborhoods like Crown Heights and Bushwick, making it attractive to both renters and investors.
Q5: Was this portfolio a value-add opportunity?
Yes. While the buildings had stable in-place income, they also presented opportunities for upgrades, rent increases, and potential repositioning to maximize returns.
Q6: How close is the portfolio to public transportation?
The properties are within walking distance of Broadway Junction, which connects to the A, C, J, Z, and L subway lines, providing direct routes to Manhattan, Downtown Brooklyn, and other parts of the city.
