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Successful Resale of 620 West 153rd Street, Hamilton Heights, Northern Manhattan
Bob Knakal and his team successfully completed the sale of the development site at 620 West 153rd Street in Hamilton Heights, Northern Manhattan, for $28,750,000. This was the second time Bob and his team sold the property, having initially sold it to Anbau Enterprises in 2018.
The sale is a testament to the importance of maintaining long-term relationships with buyers and the value of staying engaged even after the first transaction has closed.
Sale Details
The resale of 620 West 153rd Street closed on May 15, 2020, for $28,750,000. Despite the challenges posed by the pandemic, the team secured The Jay Group as the buyer, who closed the transaction with confidence during one of the most uncertain times in recent history.
Sale Price: $28,750,000
Seller: Anbau Enterprises
Buyer: The Jay Group
Seller Type: Private Developer
Property Type: Development Site
Sale Date: May 15, 2020
Property Details
620 West 153rd Street is a development site in Hamilton Heights that originally housed a Verizon facility for vehicle storage. With additional development rights, the property had great potential for residential development.
Anbau Enterprises initially purchased the site with the intent of constructing a residential tower. The plans were later included in the resale of the site to The Jay Group.
Full Address: 620 West 153rd Street, Hamilton Heights, Northern Manhattan, NY
Zoning: Development
Property Type: Development Site
Sale Price: $28,750,000
The Challenge: Selling a Property Twice
The unique aspect of this transaction was that it wasn’t the first time Bob Knakal and his team sold 620 West 153rd Street. Initially, Verizon approached Bob in the third quarter of 2017 to sell the site, which was acquired by Anbau Enterprises for $22.5 million in February 2018.
By 2019, Anbau had several other projects in progress, and after discussions with Bob and his team, they decided to capitalize on the increase in market value and sell the site once again.
The key challenge was navigating the resale of the property during the peak of the Covid-19 pandemic. Despite the market uncertainty, Bob and his team secured a buyer, The Jay Group, and successfully closed the transaction in May 2020.
Strategic Follow-Up and Results
Following the initial sale, Bob Knakal and his team stayed in close contact with Anbau Enterprises, regularly checking in on their progress with the site. This follow-up proved crucial, as it allowed the team to present Anbau with the opportunity to sell the site for a higher price after the market in Northern Manhattan had improved. Their ongoing relationship with the seller resulted in a second exclusive listing, leading to the property’s successful resale.
The sale closed for $28.75 million, $6.25 million more than the initial purchase price just two years earlier.
Neighborhood Overview
Hamilton Heights, located in Northern Manhattan, has attracted increasing interest from developers in recent years.
- Proximity to Manhattan's central areas.
- Strong residential appeal.
620 West 153rd Street stood out due to:
- Significant development rights.
- Prime location.
Broader market conditions:
- Investor confidence remained despite uncertainty caused by the Covid-19 pandemic.
- Continued interest in strong residential development opportunities in Manhattan.
Conclusion
The resale of 620 West 153rd Street highlights the importance of maintaining long-term relationships with buyers and staying engaged throughout the life of a property, even after the initial sale.
Bob Knakal’s ability to leverage market conditions and deliver consistent follow-up with Anbau Enterprises resulted in a second successful sale at a higher price. This transaction is a prime example of the benefits of strategic follow-up and long-term relationship-building in real estate.
Testimonial
Here is what the seller had to say about the transaction:
“We have enjoyed a long-term relationship with Bob Knakal and his team and have always found them highly professional and easy to work with. Our 153rd Street transaction was a complex one for a variety of reasons. Bob and his team showed why they are considered among the top land brokers in the city. They provided steadfast counsel throughout the sales process and were there to advocate for us at every twist and turn and demonstrated, several times, that they would fight for our best interest. We highly recommend them to any seller of a development site in New York City.”
– Steve Glascock, Anbau Enterprises
Learn More About Northern Manhattan Real Estate Development
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