$11M Sale of Multifamily Walk-Up Property in Port Richmond, Staten Island

Successful Sale of 150 Trantor Place in Port Richmond, Staten Island in Port Richmond, Staten Island

Bob Knakal leveraged his extensive experience and market knowledge to guide the sale of 150 Trantor Place, a 16-unit walk-up multifamily property. The seller, Russ Appel, was looking to exit the asset and reach a successful outcome, and Bob’s strategic insight into the market led to an efficient sale that met the seller's goals. The final price of $11,000,000 was achieved through skillful negotiations, securing terms that aligned with the seller's objectives.

Sale Details

Sale Price: $11,000,000
Seller: Russ Appel, The Praedium Group
Buyer: Elie Rieder, Castle Lanterra Properties
Seller Type: High-Net-Worth Individual, Institution
Asset Class: Multifamily – Walk-Up
Sale Date: September 21, 2011

Property Details

Located in Port Richmond, Staten Island, 150 Trantor Place is a multifamily walk-up property with 177 units across 16 buildings. The property boasts a total of 115,030 square feet, providing a prime opportunity in a neighborhood experiencing growth. The sale price reflects a price per square foot of $95.63, highlighting the value of the asset in the context of the local market.

Full Address: 150 Trantor Place, Staten Island, NY
Building Size: 115,030 SF
Units: 177
Price per SF/BSF: $95.63
Lot Size: [Not Specified]
Stories: [Not Specified]

The Client: Russ Appel, A High-Net-Worth Individual and Institutional Investor

As a key player in the real estate market, Russ Appel of The Praedium Group had a longstanding relationship with Bob Knakal. When it came time to sell 150 Trantor Place, Bob’s insight into market conditions and access to a wide range of potential buyers made him the perfect choice to handle the transaction. Bob’s dedication to achieving the best outcome for his clients ensured that the deal was completed smoothly, with favorable terms.

Market Strategy and Approach

Bob Knakal’s approach included an in-depth understanding of the multifamily market in Staten Island and the broader New York City area. His team conducted a thorough market analysis to identify the right buyer and leverage the property’s value. This allowed for a swift and successful sale, with Castle Lanterra Properties emerging as the buyer.

Neighborhood Overview

Port Richmond is an emerging area in Staten Island with the following key characteristics:

Location: Situated in Staten Island, with close proximity to major highways and transportation links.
Appeal: Increasing interest for both residential and commercial development.
Development Potential: Ongoing revitalization projects contributing to a growing neighborhood.

Conclusion

The sale of 150 Trantor Place underscores Bob Knakal’s expertise and strategic approach to real estate transactions. By leveraging market knowledge and negotiating effectively, Bob secured the best possible outcome for the seller. The deal highlights his ability to work with high-net-worth individuals and institutional investors to facilitate successful sales in competitive markets.