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	<title>The Commercial Observer &#187; Urban American Sells Again</title>
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		<title>The Commercial Observer &#187; Urban American Sells Again</title>
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		<title>Urban American Sells Again</title>

		<comments>http://commercialobserver.com/2012/04/urban-american-sells-again/#comments</comments>
		<pubDate>Thu, 26 Apr 2012 15:27:38 -0400</pubDate>
					<link>http://commercialobserver.com/2012/04/urban-american-sells-again/</link>
			<dc:creator>Daniel Geiger</dc:creator>
				
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		<description><![CDATA[<p><strong>Sol Kopelowitz</strong>, a real estate investor, has purchased a portfolio of three Brooklyn apartment buildings for <strong>$18.1 million</strong> sources say.</p>
<p>The three properties, 350 Empire Boulevard, in Prospect Lefferts Gardens and 441 Brooklyn Avenue and 305 East 34th Street in East Flatbush, together have 154-units, most of which are rent stabilized.</p>
<p><!--more--></p>
<p><div id="attachment_229962" class="wp-caption alignleft" style="width: 265px"><a href="http://www.commercialobserver.com/2012/04/urban-american-sells-again/bob-knakal-5/" rel="attachment wp-att-229962"><img class="size-full wp-image-229962" title="" src="http://nyocommercialobserver.files.wordpress.com/2012/04/bob-knakal1.jpg" alt="" width="255" height="400" /></a><p class="wp-caption-text">Bob Knakal</p></div></p>
<p>An investment sales brokerage team from <strong>Massey Knakal</strong> led by the company’s chairman,<strong> Bob Knakal</strong> handled the sale for the seller, the real estate investment company <strong>Urban American</strong>. According to marketing materials released to prospective buyers by the team, the buildings, which comprise about <strong>157,000 square feet of space</strong>, charge stabilized rents that are about 30 percent below market rents in the neighborhood, offering the buyer an opportunity to profit by converting the units as they become available.</p>
<p>The asking price for the properties was $18.5 million.</p>
<p><strong>Aaron Jungreis an executive at Rosewood Realty Group</strong> represented the buyer, Mr. Kopelowitz, in the transaction.</p>
<p>The deal is the second that Mr. Knakal has handled for Urban American in recent months. In January Mr. Knakal sold a collection of five apartment buildings owned by Urban American in Queens to the landlord <strong>Zara Realty</strong> for $39 million.</p>
<p>Mr. Knakal is handling several other portfolio sales, including a group of buildings he recently brought to market on behalf of the <strong>Gindi family</strong>, owners of the large discount department store chain <strong>Century 21</strong>. That listing includes 26 buildings, many with prominent retail spaces and is expected to trade in total for around <strong>$200 million</strong>. The offering is permitting potential buyers to bid either for the entire portfolio, pieces of it, or individual assets.</p>
<p>Dubbed the Century portfolio, the group of properties is primarily located in Manhattan.</p>
]]></description>
		<content:encoded><![CDATA[<p><strong>Sol Kopelowitz</strong>, a real estate investor, has purchased a portfolio of three Brooklyn apartment buildings for <strong>$18.1 million</strong> sources say.</p>
<p>The three properties, 350 Empire Boulevard, in Prospect Lefferts Gardens and 441 Brooklyn Avenue and 305 East 34th Street in East Flatbush, together have 154-units, most of which are rent stabilized.</p>
<p><!--more--></p>
<p><div id="attachment_229962" class="wp-caption alignleft" style="width: 265px"><a href="http://www.commercialobserver.com/2012/04/urban-american-sells-again/bob-knakal-5/" rel="attachment wp-att-229962"><img class="size-full wp-image-229962" title="" src="http://nyocommercialobserver.files.wordpress.com/2012/04/bob-knakal1.jpg" alt="" width="255" height="400" /></a><p class="wp-caption-text">Bob Knakal</p></div></p>
<p>An investment sales brokerage team from <strong>Massey Knakal</strong> led by the company’s chairman,<strong> Bob Knakal</strong> handled the sale for the seller, the real estate investment company <strong>Urban American</strong>. According to marketing materials released to prospective buyers by the team, the buildings, which comprise about <strong>157,000 square feet of space</strong>, charge stabilized rents that are about 30 percent below market rents in the neighborhood, offering the buyer an opportunity to profit by converting the units as they become available.</p>
<p>The asking price for the properties was $18.5 million.</p>
<p><strong>Aaron Jungreis an executive at Rosewood Realty Group</strong> represented the buyer, Mr. Kopelowitz, in the transaction.</p>
<p>The deal is the second that Mr. Knakal has handled for Urban American in recent months. In January Mr. Knakal sold a collection of five apartment buildings owned by Urban American in Queens to the landlord <strong>Zara Realty</strong> for $39 million.</p>
<p>Mr. Knakal is handling several other portfolio sales, including a group of buildings he recently brought to market on behalf of the <strong>Gindi family</strong>, owners of the large discount department store chain <strong>Century 21</strong>. That listing includes 26 buildings, many with prominent retail spaces and is expected to trade in total for around <strong>$200 million</strong>. The offering is permitting potential buyers to bid either for the entire portfolio, pieces of it, or individual assets.</p>
<p>Dubbed the Century portfolio, the group of properties is primarily located in Manhattan.</p>
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