$52.75M Sale of 17-Building Mixed-Use, Multifamily - Walk-up of Amsterdam Columbus Portfolio in Harlem

Successful Sale of Amsterdam Columbus Portfolio in Harlem, Manhattan

‍Bob Knakal and his team successfully closed the sale of the Amsterdam Columbus Portfolio, a mixed-use and multifamily walk-up portfolio located in Harlem. The property, which includes 17 buildings with a total of 254 units, was sold for $52,750,000. The sale was finalized on February 16, 2012, marking a major accomplishment for the sellers, Joel Wiener and Russ Appel.

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Sale Details

The sale of the Amsterdam Columbus Portfolio included a collection of properties located along Amsterdam and Columbus Avenues in Harlem. The portfolio, totaling 184,148 square feet, was comprised of a mix of residential units and retail spaces, making it a prime investment for multifamily buyers looking to capitalize on Harlem's growing real estate market.

The sale price of $52.75 million represented a price of $286.45 per square foot, reflecting the value of the properties in the current market. The sale process was smooth and successful, thanks to Bob Knakal’s strategic guidance and expertise in negotiating favorable terms for the sellers.

Sale Price: $52,750,000
Property Type: Mixed-Use, Multifamily - Walk-Up, Portfolio
Building Address: 342 Manhattan Avenue, 924 Columbus Avenue, 926 Amsterdam Avenue, 926 Columbus Avenue, 928 Columbus Avenue, 929 Columbus Avenue, 931 Amsterdam Avenue, 932 Amsterdam Avenue, 934 Amsterdam Avenue, 943 Columbus Avenue, 953 Columbus Avenue, 961 Columbus Avenue, 964 Amsterdam Avenue, 965-67 Amsterdam Avenue, 969 Amsterdam Avenue, 971 Amsterdam Avenue, 973 Columbus Avenue
Sale Date: February 16, 2012
Total SF: 184,148
Price per SF: $286.45
Units: 254

The Client: Pinnacle & Praedium Seeking Real Estate Expertise

Joel Wiener of Pinnacle and Russ Appel of Praedium, two prominent institutional investors, enlisted Bob Knakal to sell the Amsterdam Columbus Portfolio. Bob had been working closely with the clients for many years, providing regular market updates and keeping them informed on key developments in the Harlem area.

When the decision to sell the portfolio was made, Bob’s deep understanding of the neighborhood and his extensive network of potential buyers played a key role in generating interest and securing a competitive offer.

Market Strategy and Leverage

Bob’s strategy to maximize value for his clients involved leveraging the strong demand for multifamily and mixed-use properties in Harlem. Bob’s outreach to a wide pool of potential buyers helped ensure that the portfolio was presented to the right investors, ultimately leading to a successful outcome.

The Harlem market, with its proximity to key Manhattan locations, had seen rapid growth in recent years, making it an attractive area for both developers and investors seeking opportunities in Northern Manhattan. Bob was able to successfully navigate this competitive market to secure the best possible sale price.

Neighborhood Overview

Harlem: A historic neighborhood in Northern Manhattan, known for its cultural significance and vibrant community.
Proximity to:
- Central Park
- Columbia University
- Major transit options like the A, B, C, D, and 1 subway lines
Neighborhood Appeal:
- Ongoing revitalization and gentrification.
- Increasing demand for residential and mixed-use properties.
- High rental demand from young professionals and families.

Conclusion

The sale of the Amsterdam Columbus Portfolio exemplifies Bob Knakal’s expertise in handling multifamily and mixed-use portfolio transactions. By maintaining a long-term relationship with his clients and leveraging the competitive dynamics of Harlem's real estate market, Bob was able to secure an outstanding outcome for the sellers, achieving a sale price above expectations.