Successful Sale of 135-143 Haven Avenue in Washington Heights
Bob Knakal successfully closed the sale of 135-143 Haven Avenue, a multifamily walk-up property owned by Russ Appel of The Praedium Group. The sale price of $23,250,000 marked a significant achievement for the seller, who had decided to divest from this Washington Heights asset.
Bob’s strategic guidance throughout the process resulted in a strong outcome, with the property being sold to Urban American, a prominent real estate investor.
Sale Details
The final sale price came in at $23,250,000, with favorable terms for the seller. The transaction involved two buildings with a combined 124,775 square feet of space and 133 units. Bob’s deep knowledge of the Washington Heights market and his ability to position the property effectively were instrumental in achieving the best deal for the seller.
- Sale Price: $23,250,000
- Seller: Russ Appel, The Praedium Group
- Buyer: Urban American
- Seller Type: HNW, Institution
- Property Type: Multifamily - Walk-Up
- Sale Date: August 20, 2013
- SF/BSF: 124,775
- Price per SF/BSF: $186.34
- Units: 133
Property Details
135-143 Haven Avenue, located in Washington Heights, was a prime multifamily asset consisting of two buildings. The seller, Russ Appel, approached Bob Knakal and his team for guidance on positioning the property for sale. With a thorough understanding of the local market dynamics, Bob secured a successful transaction at a strong price.
- Full Address: 135-143 Haven Avenue, Washington Heights, NY 10032
- Zoning: Multifamily - Walk-Up
- Property Type: Multifamily, Walk-Up
- Sale Price: $23,250,000
The Client: A High-Net-Worth Individual Looking for Real Estate Expertise
Russ Appel, a high-net-worth individual and a partner at The Praedium Group, sought Bob Knakal’s expertise when deciding to sell his multifamily property in Washington Heights. Bob had built a long-standing relationship with Russ, providing him with regular market updates and insights.
With Bob’s assistance, Russ was able to navigate the complexities of the sale, resulting in a successful outcome at an advantageous price.
Market Strategy and Leverage
Bob’s strategic approach to the sale of 135-143 Haven Avenue included assessing the local real estate market and leveraging his network of investors. His ability to present the property in the best light and create competitive interest ultimately led to a favorable sale price.
Neighborhood Overview: Washington Heights
- Located in Northern Manhattan
- Known for its vibrant community and strong local amenities
- Proximity to major transit lines (A, C, 1 trains)
- Popular with renters due to affordable pricing and access to the Upper West Side
- Home to a diverse range of dining, cultural, and recreational options
Conclusion
The sale of 135-143 Haven Avenue is a testament to Bob Knakal’s expertise in the multifamily market and his ability to deliver the best outcomes for clients. With his market knowledge and strategic approach, Bob secured a significant return for Russ Appel, ensuring that the sale met the seller’s goals.
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