Successful Sale of 815 Madison Avenue in Manhattan’s Upper East Side
Bob Knakal and his team successfully closed the sale of 815 Madison Avenue, a prime retail property in the heart of Manhattan’s Upper East Side. The transaction, completed on September 5, 2000, achieved a sale price of $9,900,000.
The building, boasting 9,450 square feet and a price per square foot of $1,047.62, presented an exceptional opportunity in a highly coveted neighborhood. The seller, CHD Associates LLC, benefited from Bob’s strategic guidance, ensuring the best possible terms for this high-net-worth property owner.
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Sale Details
The successful transaction of 815 Madison Avenue highlights the property’s appeal as a retail destination. Max Mara Retail LTD, a global fashion retailer, secured the purchase, recognizing the building’s prime location and excellent potential for flagship retail use.
Key terms of the sale included a competitive price point and favorable conditions that reflected the property’s value in one of New York City’s most prestigious retail corridors. Bob’s proactive approach, leveraging his deep market insights and relationships, played a crucial role in achieving this outcome.
- Sale Price: $9,900,000
- Seller: CHD Associates LLC, Titi Halle
- Buyer: Max Mara Retail LTD (Retailer)
- Asset Class: Commercial, Retail, User
- Sale Date: September 5, 2000
- Square Footage: 9,450
- Price per SF: $1,047.62
Property Details
815 Madison Avenue is a premier retail building in Manhattan’s Upper East Side, known for its luxury shopping and affluent residential market. The building’s architecture and location made it an ideal site for high-end retail use, drawing significant interest from prospective buyers.
- Address: 815 Madison Avenue, New York, NY 10021
- Neighborhood: Upper East Side, Manhattan
- Asset Type: Retail Building
- Block/Lot: 14/21
- Building Details: Notable for its proximity to luxury boutiques and fine dining establishments.
Market Strategy and Leverage
Bob Knakal’s strategy focused on positioning 815 Madison Avenue as a rare opportunity within the Upper East Side’s high-demand retail sector. By highlighting the building’s potential for flagship retail use and engaging targeted buyers in the luxury retail industry, Bob maximized competition, driving up the final sale price.
The team’s efforts included outreach to luxury retailers and market analysis to showcase the long-term value of owning property in this iconic neighborhood.
Neighborhood Overview
- The Upper East Side is synonymous with sophistication and luxury.
- Home to high-end retail along Madison Avenue.
- Proximity to cultural landmarks like the Met Breuer and Central Park.
- Renowned for its affluent residential population and vibrant shopping scene.
- Madison Avenue’s reputation as a global shopping destination enhances property values for retail spaces in the area.
Conclusion
The sale of 815 Madison Avenue underscores Bob Knakal’s expertise in the retail real estate market and his commitment to achieving optimal results for his clients. By leveraging market knowledge and building strong relationships, Bob secured a highly successful outcome for CHD Associates LLC, delivering a record-setting price per square foot for the neighborhood.
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