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Successful Sale of the Next Century Portfolio in Prospect Heights & East Flatbush, Brooklyn
Bob Knakal successfully arranged the $8,010,000 sale of the Next Century Portfolio, a walk-up multifamily package spanning Prospect Heights and East Flatbush in Brooklyn. The portfolio included four properties—272 Lincoln Place, 290 Lincoln Place, 403 St. John’s Place, and 2709 Clarendon Road—totaling 74,964 buildable square feet and 88 residential units.
The collection stood out for its scale, prime neighborhood positioning, and strong rental upside. With addresses in both Prospect Heights, a historic brownstone-lined community, and East Flatbush, a rapidly evolving residential hub, the portfolio represented an attractive opportunity for long-term multifamily investors.
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Sale Details
This transaction marked a significant moment in Brooklyn’s multifamily market:
- Sale Price: $8,010,000
- Price per SF/BSF: $106.85
- Buyer: Meridian Properties
- Seller: Biron Realty, Chester Elkind
- Asset Class: Multifamily – Walk-Up, Portfolio
- Units: 88
- Sale Date: June 15, 2006
Highlights of the Sale:
- Portfolio of four properties in two distinct Brooklyn neighborhoods
- Large-scale opportunity with 88 residential units
- Competitive pricing below replacement cost at $106.85 per SF
- Represents long-term demand for stabilized and value-add multifamily assets in outer-borough markets
Property Details
The Next Century Portfolio was strategically positioned across two Brooklyn submarkets, offering diversity in tenant base and future rent growth potential.
- Addresses: 272 Lincoln Place, 290 Lincoln Place, 403 St. John’s Place, 2709 Clarendon Road, Brooklyn, NY
- Square Footage: 74,964 SF
- Stories: Predominantly walk-up structures with pre-war construction
- Units: 88 residential apartments across the portfolio
- Property Type: Multifamily walk-up, investment-grade rental buildings
Key Investment Highlights:
- Pre-war Brooklyn walk-up construction with stable rental demand
- Located in two highly resilient rental submarkets
- Attractive scale—88 units across four buildings
- Value-add potential through capital improvements and rent stabilization repositioning
Market Strategy and Positioning
At the time of sale in 2006, Brooklyn was experiencing accelerated rental growth and a surge of investor interest in multifamily walk-up properties. The Next Century Portfolio was positioned as a rare multi-property package offering scale, geographic diversification, and stable in-place income.
The transaction reflected growing market confidence in outer-borough multifamily investments, as buyers sought both cash flow stability and the long-term upside of Brooklyn’s rental housing demand.
Neighborhood Overview
The portfolio’s location offered exposure to two very different yet complementary Brooklyn markets:
- Prospect Heights: Known for its brownstone-lined blocks and proximity to cultural anchors such as the Brooklyn Museum and Brooklyn Botanic Garden. The neighborhood has long been considered one of Brooklyn’s most desirable residential enclaves, attracting both families and professionals.
- East Flatbush: A diverse and evolving community with strong rental demand driven by its affordability compared to northern Brooklyn. Its convenient transit options and residential density make it attractive for investors seeking long-term growth.
Nearby Attractions & Highlights:
- Prospect Park & Brooklyn Botanic Garden: Cultural and recreational anchors near the Prospect Heights properties.
- Brooklyn Museum: One of NYC’s premier art institutions, adding cultural cachet to the area.
- SUNY Downstate Medical Center & Kings County Hospital: Major healthcare employers supporting steady demand in East Flatbush.
- Transit Access: Multiple subway lines connecting both neighborhoods to Downtown Brooklyn and Manhattan.
Conclusion
The $8,010,000 sale of the Next Century Portfolio underscores investor confidence in Brooklyn’s multifamily walk-up market. With 88 units across Prospect Heights and East Flatbush, the transaction combined scale, location diversity, and long-term value creation potential.
This successful closing reflects Bob Knakal’s expertise in structuring complex portfolio transactions, ensuring that sellers achieve optimal value while aligning with broader market trends.
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Frequently Asked Questions
Q1: What is included in the Next Century Portfolio?
The portfolio consists of four walk-up multifamily buildings located at 272 Lincoln Place, 290 Lincoln Place, 403 St. John’s Place, and 2709 Clarendon Road in Brooklyn, totaling 88 residential units.
Q2: How much did the portfolio sell for?
The portfolio sold for $8,010,000, translating to $106.85 per square foot across 74,964 buildable square feet.
Q3: What type of properties were in the portfolio?
The properties are pre-war multifamily walk-up rental buildings, a highly sought-after asset class in Brooklyn for their strong rental demand and value-add potential.
Q4: Why was the portfolio attractive to buyers?
The scale of 88 units, prime locations in two strong rental neighborhoods, and below-replacement cost pricing made the portfolio an attractive opportunity for investors seeking both stability and growth.
Q5: What neighborhoods are represented in the portfolio?
The portfolio spans Prospect Heights, known for its cultural institutions and historic housing stock, and East Flatbush, recognized for affordability and strong tenant demand.
