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Successful Sale of 871-873 First Avenue in Midtown East, Manhattan
Bob Knakal successfully closed the sale of 871-873 First Avenue, a 40-unit multifamily elevator building in Midtown East. The property, spanning 18,750 square feet, attracted significant interest due to its location and potential for long-term institutional ownership.
The final sale price of $4,200,000 reflected the strategic positioning of the asset, which ultimately led to its acquisition by the Federal Republic of Germany for diplomatic use.
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Sale Details
The transaction closed on April 22, 1996, following a competitive process that highlighted the property’s prime Midtown East location and its elevator building status, making it a rare find in the area. Bob Knakal and his team ensured a seamless process, leveraging market knowledge to secure the best possible outcome.
- Sale Price: $4,200,000
- Property Type: Multifamily - Elevator, User
- Sale Date: April 22, 1996
- Stories: Not specified
- Square Footage: 18,750 SF
- Units: 40
Property Details
871-873 First Avenue is a mid-rise multifamily elevator building situated in the heart of Midtown East. With 40 units across 18,750 square feet, the property presented a unique opportunity for an institutional buyer seeking a stable, long-term asset.
- Full Address: 871-873 First Avenue, New York, NY
- Zoning: Multifamily - Elevator, User
- Price per SF: $224.00
Strategic Market Positioning
Bob Knakal's approach involved highlighting the property's appeal to institutional buyers, particularly those with long-term investment strategies. By positioning the asset as a rare multifamily opportunity with an elevator in a prime location, the team generated competitive interest, leading to a successful transaction.
Given the nature of the buyer—a foreign government—the deal required careful structuring to meet regulatory and diplomatic requirements. Bob Knakal’s experience with complex transactions ensured a smooth process from negotiation to closing.
Neighborhood Overview
Midtown East is one of Manhattan’s most desirable neighborhoods, known for its:
- Diplomatic presence: Home to the United Nations and various consulates.
- Prime commercial hub: Close to major office towers and corporate headquarters.
- Strong multifamily demand: Sought after by investors for long-term residential holdings.
- Accessibility: Excellent public transportation options, including Grand Central Terminal.
Conclusion
The sale of 871-873 First Avenue exemplifies Bob Knakal’s ability to navigate complex transactions and maximize value for clients. By strategically positioning the property and leveraging market dynamics, the team secured a favorable outcome for the seller while facilitating a high-profile institutional sale in Midtown East.
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