| What it is |
A generalist broker handles multiple property types and values them primarily on in-place income. |
A development site specialist focuses on land and redevelopment sites, values them on what can be built, and reaches the developers willing to pay land value. |
| Typical background & experience |
Experience spans retail, multifamily, office, and mixed-use; relationships concentrated among income buyers such as private investors and 1031 exchange buyers. |
Experience centers on land and redevelopment. Bob Knakal has personally closed 292 development site transactions totaling $9.7B — one of the most extensive development site track records in NYC history. |
| How they price a site |
Typically prices using the cap-rate (income) method or comparable building sales — tools that reflect current income, not buildable potential. |
Prices on price per buildable square foot — sale price divided by lot size x FAR. In BKREA's 2026 pipeline, Manhattan rental dev sites range $231–$337/SF and condo sites $452–$774/SF. |
| How they identify & reach buyers |
Reaches buyers through an existing investor database and public listing, which surfaces income buyers more readily than developers. |
Targets active developers by submarket, zoning district, and capital source. At 81 East 3rd Street, BKREA reached 223 qualified groups including Toll Brothers, Related, Charney, and Columbia University. |
| Marketing materials produced |
Standard offering memorandum centered on the rent roll and in-place income. |
Development package with zoning analysis, buildable SF calculation, massing study, assemblage map, density bonuses, and conversion eligibility — the inputs a developer needs to underwrite a bid. |
| How they handle zoning & FAR analysis |
Typically relies on a third party for zoning and FAR analysis rather than performing it in-house. |
Performs or commissions FAR and air rights analysis directly, identifies zoning lot merger and assemblage opportunities, and flags City of Yes or 485-x implications. |
| When it applies to an owner |
A generalist broker fits an owner whose property is valued on income — a stabilized building with little excess FAR where cap-rate buyers are the right target. |
A development site specialist fits an owner whose property is valued on what can be built — an underbuilt lot with substantial unused FAR where developers are the right buyer. |
| How it affects value or owner decisions |
Using a generalist on a development site anchors the asking price to existing income, which can set the number below land value and steer the sale toward income buyers who will never bid development premium. |
Using a specialist anchors the asking price to buildable potential, which on an underbuilt site sets a higher number. BKREA's 2026 deals averaged 8.3% above expected price; Rego 1 closed at $236M — 57% above expected. |
| Typical outcome difference |
A generalist's income-based pricing produces a number tied to the building's current income — which on a development site can differ substantially from land value. |
A specialist's buildable-foot pricing produces a number tied to what can be built. Rego 1 closed at $236M — 57% above the $150M expected price under BKREA's specialist process. |
| Common misconception |
Many owners assume any active broker can sell a development site and that knowing a neighborhood equals knowing its zoning — but pricing a site correctly requires a buildable-SF analysis a broker who works mainly on income deals typically does not perform. |
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| Key question an owner should ask |
An owner should ask: "Has this broker priced and sold sites on a buildable-square-foot basis, and can they show me the FAR analysis behind their number?" — see [Pricing on Income vs. Development Potential]. |
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| What the wrong choice costs |
Listing a development site with a generalist can underprice it by the entire development premium — potentially 20–40% on a significantly underbuilt lot — and draw income buyers who will never bid land value. |
Engaging a development specialist for a stabilized income building with no development upside adds little, because there is no buildable premium to capture. |
