Bob Knakal and Jon Hageman made history with the landmark sale of The Watchtower Bible & Tract Society of New York Portfolio. This monumental transaction, totaling an astounding $685,000,000, firmly establishes Knakal’s standing as a leading real estate advisor.
Project Highlights
- Location: A prime blockfront site located in Brooklyn’s trendy DUMBO neighborhood and the world headquarters of The Watchtower Bible and Tract Society of New York Inc.
- Potential: The blockfront site, with approximately 135,000 square feet of land area, can accommodate a mixed-use development of around 1 million square feet.
- Sale Price: The portfolio sold for an impressive $685,000,000, marking one of the largest sales in Brooklyn at the time.
Exceptional Location and Potential
The portfolio’s blockfront site is nestled in the heart of Brooklyn’s DUMBO neighborhood, an area synonymous with innovation and growth. This location is highly coveted, and for good reason. The neighborhood is home to a dynamic mix of businesses and a vibrant community that continues to attract significant investment. Its close proximity to Manhattan and excellent transportation links further amplify the site’s appeal. The site’s land area of approximately 135,000 square feet opens a world of opportunities for future development. With the potential to accommodate a mixed-use development of about 1 million square feet, this site presents a golden opportunity for the development of residential, commercial, or even hybrid buildings. This flexibility paves the way for a broad spectrum of possibilities, promising lucrative returns on investment.
Historic Headquarters Building
The Watchtower’s world headquarters building, included in the portfolio, is an edifice of both historic and architectural significance. With a generous footprint of 739,000 square feet, it is an embodiment of potential. The building’s architectural design, reminiscent of the period it was built, adds an element of historic charm to its appeal. Its location in the buzzing DUMBO neighborhood ensures that it is well-positioned to attract a diverse mix of tenants. The potential for the building to be repurposed or modernized provides an opportunity to add significant value, making it a unique and desirable offering in the real estate market.
The successful sale of this portfolio was a testament to the power of strategic real estate investment, and the exceptional results that can be achieved with the right guidance and expertise. This case study is an example of how Bob Knakal continues to shape the landscape of the New York City real estate market.
