.avif)
Successful Sale of 160 88th Street in Bay Ridge, Brooklyn
Bob Knakal successfully brokered the sale of 160 88th Street, a 20-unit walk-up apartment building in the heart of Bay Ridge, Brooklyn. Closed on September 1, 2004, the property was acquired by investor Robert Cohen for $1,900,000, representing a compelling price of just $90.44 per square foot.
This transaction highlights the value of well-located multifamily assets in low-density neighborhoods like Bay Ridge, where classic brick buildings with long-term tenancy and stable income remain in high demand.
Walk-Up Building Sales - For the complete list click here Walk Up Buildings
Sale Details
The transaction was finalized at a price of $1.9 million, with a building size of 21,008 square feet across 20 units. The seller, Mildred Arms Inc. (represented by Richard Moszczynski), is a high-net-worth owner who had held the asset for many years.
Transaction Highlights:
- Sale Price: $1,900,000
- Buyer: Robert Cohen
- Seller: Richard Moszczynski, Mildred Arms Inc.
- Asset Class: Multifamily - Walk-Up
- Date Closed: September 1, 2004
- Price Per Square Foot: $90.44
- Number of Units: 20
Property Details
160 88th Street is located on a quiet, tree-lined block between Colonial Road and Ridge Boulevard in the Bay Ridge section of Brooklyn. Known for its strong rent rolls, community charm, and commuter accessibility, this building stood out for its excellent unit mix and generous layouts.
The building is part of a highly desirable enclave known for its pre-war architecture and family-friendly environment.
Full Address: 160 88th Street, Brooklyn, NY 11209
Zoning: Multifamily Residential
Block & Lot: Block 1516, Lot 52
Investment Highlights:
- Year Sold: 2004
- Total Units: 20
- Square Footage: 21,008 SF
- Walk-Up Configuration: No elevator, minimizing maintenance costs
- Classic Bay Ridge Multifamily: Ideal for long-term hold strategy
Market Strategy and Positioning
At the time of the sale, demand for stabilized multifamily product in outer-borough markets like Bay Ridge was growing rapidly. Bob Knakal positioned the property as a low-cost-per-foot investment with immediate in-place income and long-term upside potential through unit turnover.
The building’s unit count and footprint allowed for scalability without operational complexity, making it attractive to private investors like Robert Cohen looking for growth in the Brooklyn market.
Neighborhood Overview
Bay Ridge is a well-established Brooklyn neighborhood known for its quiet streets, classic housing stock, and strong local economy. With access to public transit and proximity to the Belt Parkway and Verrazzano-Narrows Bridge, the area is popular with families and professionals alike.
Neighborhood Highlights:
- Near Shore Road Park and Bay Ridge Promenade
- Steps from R train for access to Manhattan
- Known for brick multifamily buildings and owner-occupied homes
- Close to local dining, schools, and shopping on 3rd and 5th Avenues
Conclusion
The sale of 160 88th Street demonstrates the continuing demand for quality walk-up multifamily buildings in legacy Brooklyn neighborhoods. Bob Knakal’s expertise in positioning the asset and identifying the right buyer ensured a smooth transaction at favorable terms for both parties.
With strong fundamentals and long-term rental appeal, this building adds lasting value to Robert Cohen’s portfolio and represents the type of stable, income-producing asset investors seek in today’s market.
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
Frequently Asked Questions
Q1: What kind of property is 160 88th Street?
It is a 20-unit multifamily walk-up building located in Bay Ridge, Brooklyn.
Q2: What was the price per square foot for this building?
The property sold for approximately $90.44 per square foot.
Q3: Why is Bay Ridge considered a desirable location for multifamily investment?
Bay Ridge offers stable rental demand, historic charm, and excellent connectivity to Manhattan via the R train and major highways.
