$55M sale of the Third Avenue Westerly Blockfront between 77th & 78th Streets in Manhattan’s Upper East Side.

Successful Sale of Upper East Side Development Site at 188 East 78th Street

Bob Knakal successfully brokered the sale of a premier development site at 188 East 78th Street, located on the Third Avenue westerly blockfront between 77th and 78th Streets. This transaction marked a significant milestone, achieving a sale price of $55,000,000 and highlighting Bob’s expertise in navigating Manhattan’s competitive real estate market.

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Sale Details

The property at 188 East 78th Street offered 200,000 buildable square feet, providing a unique opportunity for large-scale development in one of Manhattan’s most sought-after neighborhoods. The strategic sale process leveraged the site’s potential and maximized value, resulting in terms favorable to the seller. The final offer of $55 million equated to $275 per buildable square foot, underscoring the premium nature of the property and the skillful negotiation by Bob Knakal and his team.

Sale Price: $55,000,000
Asset Class: Development
Sale Date: December 16, 1997
Buildable Square Footage: 200,000
Price per BSF: $275.00
Neighborhood: Upper East Side, Manhattan

Property Characteristics

Located in the Upper East Side, the development site encompassed a full blockfront along Third Avenue, providing a prime canvas for a mixed-use or residential development. The site’s significant buildable square footage, combined with its prestigious location, attracted interest from top-tier developers.

Market Strategy and Execution

Bob Knakal’s approach emphasized understanding the property’s potential and engaging with a targeted pool of buyers to create competitive interest. By leveraging detailed market insights and maintaining consistent communication, Bob and his team secured an exceptional offer that surpassed initial expectations.

Neighborhood Overview

Prestige: The Upper East Side is synonymous with luxury living and high-end real estate.
Proximity: Close to cultural landmarks such as the Metropolitan Museum of Art and Central Park.
Demand: Strong interest in development sites driven by the area’s established desirability and excellent amenities.
Connectivity: Easy access to transportation hubs and key Manhattan destinations.

Conclusion

The sale of 188 East 78th Street exemplifies Bob Knakal’s ability to deliver exceptional outcomes for clients in Manhattan’s competitive real estate market. Through strategic planning and consistent communication, Bob and his team ensured that the seller achieved the best possible terms for this landmark transaction.