Denali Management pays $4M to Knoll family for residential walkup building in Gravesend

Denali Management through the entity 8817 Bay LLC paid $4 million to Knoll family through the entity Charles Knoll Family Irrevocable Trust for 32-unit residential walkup building at 8817 Bay Parkway in Gravesend, Brooklyn.
The deal closed on December 8, 2021 and was recorded on January 10, 2022.
The property has 26,520 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $152 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Knoll family was Morris Joseph Knoll, Daniel Nathan Knoll, Yosefa Knoll, Charles Knoll, Yael Guttman, Paula Knoll Gold, and Amanda Weisenfeld Gold. The signatory for Denali Management was Jonathan Wiener.
Prior to this transaction, the buyer Denali Management purchased at least 31 properties in 23 transactions for a total of $155.9 million and had not sold any properties over the past 24 months, according to PincusCo figures.
The seller Knoll family paid $12.8 million for a 10-unit Flatbush rental, and sold at least five properties in five transactions for a total of $35.4 million over the same time period.

In Gravesend, the majority, or 50 percent of the 45.7 million square feet of built space are 1-4 family buildings, with residential elevator buildings next occupying 23 percent of the space. In sales, Gravesend has had very little sales volume relative to neighborhoods in the city with $200.3 million in sales volume in the last two years. For development, Gravesend has near average amount of major developments in the city and is the 19th highest in Brooklyn. It had 1 million square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
On the tax block, the majority, or 55 percent of the 151,747 square feet of built space are residential walkup buildings, with 1-4 family buildings next occupying 36 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Morris Knoll, head officer and Daniel Knoll, officer. The business entity was Morris Knoll Family Irrevocable Trust.
Within a 400-foot radius of 8817 Bay Parkway, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were in new building development. There were one new building permit application and one new building permit. The most recent of these two items was a permit on November 24, 2021 for a 222,504-square-foot R-2 building with 243 residential units at 2230 Cropsey Avenue.
Of those six items, four were loans above $5 million totaling $131.6 million. The most recent of the four was Cammeby’s International Group which borrowed $18.6 million from NewPoint secured by the 134,280-square-foot, 164-unit rental (D3) on 8855 Bay Parkway on November 23, 2021.

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