46,080 Square-Foot Multifamily - Elevator Conversion Site Sold for $32,500,000 in NoHo, Manhattan

Successful Sale of 640 Broadway in NoHo, Manhattan

Bob Knakal and his team successfully facilitated the sale of 640 Broadway, a multifamily conversion asset in the heart of NoHo, Manhattan. The transaction, which closed on February 24, 2012, achieved a price of $32,500,000, marking a significant milestone for the seller, Ben Heller of Heller Realty, a high-net-worth property owner.

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Sale Details

Bob Knakal’s strategic guidance was key to overcoming the complexities of this transaction. The sale price of $32.5 million reflected the asset’s prime location and redevelopment potential. His hands-on involvement throughout the marketing and closing process ensured a seamless transaction for both parties.

Sale Price: $32,500,000
Seller: Ben Heller, Heller Realty
Buyer: Michael Kramer, 640 Broadway Owners LLC
Asset Class: Multifamily – Elevator Conversion
Sale Date: February 24, 2012

The property at 640 Broadway is a 46,080-square-foot building situated in a prime NoHo location. With 31 units, the multifamily asset offered a unique opportunity for redevelopment, attracting significant interest in Manhattan’s competitive real estate market.

Property Details

Address: 640 Broadway, New York, NY 10012
Neighborhood: NoHo, Manhattan
Building Size: 46,080 SF
Units: 31
Price Per SF: $705.30

The Client: A Strategic Seller in a Competitive Market

Ben Heller, a high-net-worth property owner, turned to Bob Knakal and his team to navigate the complexities of selling 640 Broadway. The asset posed unique challenges due to its potential for conversion and redevelopment.

Through targeted marketing efforts and consistent communication, Bob and his team ensured the property was positioned to attract high-caliber buyers. Their expertise ultimately secured the best possible outcome for the seller, with a smooth and timely closing.

Neighborhood Overview

NoHo, one of Manhattan’s most sought-after neighborhoods, offers:

Prime Location: Close proximity to SoHo, the East Village, and Greenwich Village.
Vibrant Environment: A mix of historic architecture, boutique shops, and high-end dining options.
Strong Demand: High desirability for residential conversions and multifamily investments.

The neighborhood’s unique charm and strong market fundamentals made 640 Broadway a highly attractive asset for redevelopment.

Conclusion

The successful sale of 640 Broadway underscores Bob Knakal’s ability to deliver exceptional outcomes for his clients. Through a strategic approach and meticulous execution, Bob and his team navigated the challenges of the transaction, achieving a seamless process and maximum value for Ben Heller.

Testimonial

“Bob Knakal and his team of professionals were instrumental in the sale of a very complicated and challenging asset. Throughout the process, from marketing until closing, they were involved in every phase of the transaction ensuring a smooth, orderly, and timely closing. They are the ultimate and consummate professionals.”
– Ben Heller, Heller Realty

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