$20.95M Sale of 779 Riverside Drive, a 92-Unit Elevator Multifamily Building in Washington Heights NYC

Successful Sale of 779 Riverside Drive, a 92-Unit Elevator Building in Washington Heights

Bob Knakal and his team successfully closed the sale of 779 Riverside Drive, a multifamily elevator building in the Washington Heights neighborhood of Northern Manhattan. The property, which spans 99,570 square feet, sold for $20,948,400 on May 4, 2006.

Bob’s proactive market outreach and ability to create competitive interest ensured the property received a strong offer, maximizing value for the seller. The sale exemplifies his expertise in navigating complex multifamily transactions in Manhattan’s evolving real estate market.

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Sale Details

The property at 779 Riverside Drive attracted significant interest due to its scale, prime location, and investment potential. The closing price of $20.95 million reflected the desirability of well-positioned multifamily assets in Washington Heights at the time.

Sale Price: $20,948,400
Property Type: Multifamily – Elevator
Building Size: 99,570 SF
Price Per SF: $210.39
Number of Units: 92
Sale Date: May 4, 2006

Property Overview

779 Riverside Drive is a 92-unit elevator apartment building located in Washington Heights, a neighborhood known for its vibrant residential community and strong demand for multifamily housing. The substantial square footage and unit count made it an attractive opportunity for investors looking to capitalize on Northern Manhattan’s continued growth.

With its prime positioning along Riverside Drive, the property offered scenic Hudson River views and convenient access to major transportation routes, adding to its long-term investment appeal.

Full Address: 779 Riverside Drive, New York, NY
Neighborhood: Washington Heights, Northern Manhattan
Stories: Not specified
Zoning: Multifamily

Market Strategy and Competitive Positioning

Bob Knakal’s approach to the sale of 779 Riverside Drive involved:

Market Positioning: Highlighting the property’s strong rental income potential, location advantages, and the continued growth of Washington Heights.
Competitive Outreach: Engaging multiple investors to generate competitive interest, leading to a maximized sale price.
Strategic Negotiation: Ensuring favorable terms by leveraging the building’s scale and desirability to attract serious buyers.

Neighborhood Overview

Washington Heights is a dynamic neighborhood in Northern Manhattan, offering a strong mix of residential, retail, and cultural appeal:

Riverside Drive Location: Scenic Hudson River views and proximity to Riverside Park.
Access to Transportation: Conveniently located near subway lines and major roadways.
Strong Rental Demand: Consistent interest from renters and investors due to affordability compared to other Manhattan neighborhoods.

Conclusion

The successful sale of 779 Riverside Drive highlights Bob Knakal’s expertise in multifamily transactions and his ability to deliver strong results for property owners. By leveraging competitive market dynamics and a strategic sales approach, Bob secured an optimal outcome, reinforcing Washington Heights’ appeal as a prime investment destination.