14,000 SF Mixed-Use Building at 538 East 11th Street, East Village, NYC, Sells for $16.25 Million

Successful Sale of 538 East 11th Street in the East Village, Manhattan

Bob Knakal and his team successfully facilitated the sale of 538 East 11th Street, a mixed-use property in the heart of Manhattan’s East Village. The seller, Alyssa Adams, a high-net-worth individual, secured $16,250,000 for the property after working with Bob to strategically position the asset in the market.

This sale, which closed on October 25, 2018, demonstrates Bob’s ability to use his market expertise and relationships to ensure the best possible terms for his clients, achieving a result that exceeded expectations.

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Sale Details

The sale of 538 East 11th Street attracted significant interest and resulted in an offer of $16,250,000. The buyer, the Tigrett Family, a family office, saw the value in the property’s mixed-use potential, while Bob’s negotiations ensured a favorable deal for the seller.

Sale Price: $16,250,000
Seller: Alyssa Adams
Buyer: Tigrett Family (Family Office)
Property Type: Mixed-Use, User
Sale Date: October 25, 2018
Lot Size: 4,845 SF
Stories: 2
SF/BSF: 14,000
Price per SF/BSF: $1,160.71
Units: 1

Property Details

538 East 11th Street is a well-located mixed-use property in the vibrant East Village, offering 14,000 square feet of space across two stories. The building’s size and strategic positioning made it an ideal investment for the buyer, a family office seeking to expand its portfolio in Manhattan.

Full Address: 538 East 11th Street, New York, NY 10009
Block: 404
Lot: 22
Building: 1

The Client: A High-Net-Worth Individual Seeking Real Estate Expertise

Alyssa Adams, the seller, had a long-standing interest in real estate but was not a full-time expert in the field. She turned to Bob Knakal for advice when deciding to sell the property. Over the course of the relationship, Bob provided regular market updates, keeping Alyssa informed about trends in the East Village and broader Manhattan market.

When the opportunity to sell the property arose, Bob’s strategic approach helped Alyssa maximize the sale price. The buyer, the Tigrett Family, was keen on acquiring this prime mixed-use asset, and Bob’s expert negotiations ensured that the terms were advantageous to Alyssa.

Market Strategy and Leverage

Bob leveraged his deep knowledge of the East Village market and relationships with key investors to generate significant interest in the property. His team’s outreach to potential buyers, combined with their insight into local trends, enabled them to secure a competitive offer from the Tigrett Family, who recognized the potential of the asset in this increasingly sought-after neighborhood.

Neighborhood Overview

East Village: A dynamic and thriving neighborhood known for its cultural richness and eclectic vibe.
Desirable Location: Close to some of Manhattan's most iconic landmarks, including Washington Square Park and numerous dining and retail options.
Strong Demand: The East Village continues to attract investors seeking mixed-use properties due to its high foot traffic and vibrant commercial atmosphere.

Conclusion

The successful sale of 538 East 11th Street highlights Bob Knakal’s ability to provide expert guidance and strategic insight, ensuring the best outcome for his clients. By maintaining a strong relationship with Alyssa Adams and leveraging his market expertise, Bob was able to secure a highly favorable deal that exceeded expectations.