Successful Sale of 10 West 74th Street in Manhattan’s Upper West Side
Bob Knakal and his team completed the successful sale of 10 West 74th Street, an 86-unit multifamily elevator building owned by Maurice Mann, a high-net-worth individual and principal of Mann Realty. The transaction closed on April 30, 2006, for $45 million, highlighting the Upper West Side’s continued appeal and the team’s ability to maximize value for their clients.
Sale Details
Bob Knakal’s market insights and negotiation strategy led to a favorable outcome for Maurice Mann. The property’s buyer, BlackRock, secured the deal at a price of $45 million, equating to $564.92 per square foot. This significant transaction further underscores the desirability of Manhattan’s Upper West Side for premium multifamily investments.
- Sale Price: $45,000,000
- Seller: Maurice Mann (Mann Realty)
- Buyer: BlackRock
- Asset Class: Multifamily - Elevator
- Sale Date: April 30, 2006
Property Details
The building at 10 West 74th Street is a six-story, elevator-equipped multifamily asset offering 79,657 square feet of space across 86 units. Situated in the Upper West Side, the property’s prime location and significant scale attracted strong interest from buyers in the market.
- Full Address: 10 West 74th Street, New York, NY 10023
- Asset Class: Multifamily - Elevator
- Building Size: 79,657 SF
- Units: 86
- Price Per SF: $564.92
Client-Centric Strategy
Maurice Mann, a seasoned investor and real estate professional, entrusted Bob Knakal and his team to navigate the complexities of the sale. Bob’s strategic guidance, informed by deep market expertise, ensured a smooth process and delivered a deal that exceeded the seller’s expectations.
The property’s initial valuation was lower, but Bob’s team utilized their network and market knowledge to attract interest from prominent buyers, including BlackRock. Their strategic approach included emphasizing the property’s prime location and potential for long-term growth.
Market Strategy and Negotiation
Bob’s team employed a competitive marketing approach to maximize the property’s value. The team’s outreach highlighted the building’s stable income, potential for future appreciation, and desirable Upper West Side location. By positioning the property to appeal to institutional investors, the team generated multiple offers, ultimately securing the best possible terms for Maurice Mann.
Neighborhood Overview
- Iconic Appeal: Close proximity to Central Park and cultural landmarks.
- Desirable Residential Market: The Upper West Side remains a top choice for multifamily investments due to its vibrant community and strong rental demand.
- Proximity to Key Locations: Near shopping, dining, and world-renowned institutions, contributing to high tenant retention and investor interest.
Conclusion
The sale of 10 West 74th Street reflects Bob Knakal’s dedication to delivering superior results for his clients. His ability to combine long-term market expertise with a client-focused approach led to a premium price and optimal terms for Maurice Mann. This successful transaction is yet another example of Bob Knakal’s ability to navigate the complexities of Manhattan’s real estate market and secure exceptional outcomes.
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