Successful Sale of 1481-1489 Second Avenue in Manhattan’s Upper East Side
Bob Knakal and his team successfully brokered the sale of 1481-1489 Second Avenue, a six-story development site spanning 187,834 buildable square feet in the coveted Upper East Side neighborhood. The transaction, finalized on December 3, 2021, was a landmark deal, with the site selling for $72,601,200.
This remarkable sale highlights Bob Knakal’s expertise in managing complex real estate transactions and his ability to achieve optimal outcomes for his clients.
Development Site Sales - For the complete list click here Development Sites
Sale Details
The Upper East Side property sale represents a significant milestone for the seller, Sky Management, led by Ben Ohebshalom. The buyer, Miki Naftali of Naftali Group, acquired the five-lot assemblage for $72.6 million.
The site, featuring six stories and 187,834 buildable square feet, fetched $386.52 per buildable square foot. The property’s location in one of Manhattan’s most desirable neighborhoods contributed to its strong demand and competitive pricing.
- Sale Price: $72,601,200
- Seller: Sky Management (Ben Ohebshalom)
- Buyer: Naftali Group (Miki Naftali)
- Property Type: Multifamily Development Site
- Sale Date: December 3, 2021
- Neighborhood: Upper East Side
With Bob Knakal’s strategic leadership, the transaction proceeded efficiently, ensuring all parties achieved their respective goals.
Property Details
The development site, located at 1481-1489 Second Avenue, encompasses five assembled lots with a total lot size of 10,665 square feet. Zoned for residential and mixed-use purposes, the property is a prime candidate for large-scale redevelopment.
- Address: 1481-1489 Second Avenue, New York, NY
- Block/Lot: 1432/20
- Lot Size: 10,665 square feet
- Total BSF: 187,834 square feet
- Price per BSF: $386.52
- Stories: 6
Neighborhood Overview
The Upper East Side is one of Manhattan’s most prestigious neighborhoods, offering a perfect blend of residential and commercial appeal.
- Key Attractions:some text
- Proximity to Central Park
- Luxury shopping along Madison Avenue
- Renowned cultural institutions, such as The Metropolitan Museum of Art
- Development Appeal:some text
- High demand for residential and mixed-use properties
- Thriving community with a strong retail presence
The site’s prime location and potential for large-scale development made it highly desirable to buyers like the Naftali Group.
Market Strategy and Long-Term Value
Bob Knakal’s strategy for this transaction focused on leveraging the Upper East Side’s strong market demand. By targeting key developers and maintaining ongoing communication, he was able to attract an ideal buyer, ensuring the property sold at its full potential value.
This approach highlights Bob’s ability to navigate Manhattan’s competitive real estate landscape, consistently delivering exceptional results for his clients.
Conclusion
The successful $72.6 million sale of 1481-1489 Second Avenue showcases Bob Knakal’s expertise in facilitating high-value transactions. By utilizing market knowledge, strategic negotiation skills, and a client-focused approach, Bob and his team delivered outstanding results for Sky Management, achieving optimal terms and pricing.
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
