AFB School Portfolio in Chelsea, Manhattan Sells for $4,165,000

Successful Sale of The AFB Portfolio in Chelsea, Manhattan

Bob Knakal successfully arranged the sale of The AFB Portfolio, a collection of four properties formerly owned by the American Foundation for the Blind. The portfolio, spanning 116,118 square feet across multiple addresses, was acquired by Yivo Institute for Jewish Research, another nonprofit entity.

The transaction, which closed on February 23, 1995, totaled $4,165,000. Given the portfolio’s size and its institutional use, the sale required careful coordination to ensure a smooth transition between two nonprofit organizations.

User Building Sales - For the complete list click here User Buildings

Sale Details

The AFB Portfolio’s sale marked a significant transition for the long-standing institution that previously occupied the buildings. Bob Knakal and his team leveraged their expertise in institutional property sales to secure an optimal deal for the seller while meeting the buyer’s unique needs.

Sale Price: $4,165,000
Property Type: Portfolio, School, User
Sale Date: February 23, 1995
Total Square Footage: 116,118 SF
Price Per SF: $35.87
Buildings Included: 4

Property Details

The AFB Portfolio consisted of four interconnected buildings located in Chelsea, a neighborhood known for its mix of cultural institutions, historic properties, and residential developments. The portfolio’s institutional use and size made it a valuable asset, attracting strong interest from organizations looking for space suited for educational or nonprofit purposes.

Full Addresses:
- 11-15 West 16th Street (Block 818, Lot 27)
- 18 West 17th Street (Block 818, Lot 61)
- 20 West 17th Street (Block 818, Lot 63)
- 22-24 West 17th Street (Block 818, Lot 64)
Borough: Manhattan
Neighborhood: Chelsea
Stories: Multiple
Asset Class: Institutional/Educational

Strategic Approach

Bob Knakal and his team recognized the portfolio’s unique value and focused on identifying buyers who could make the best use of the space. The sale required careful navigation of nonprofit regulations and zoning considerations, ensuring a seamless transition for both the seller and buyer.

Their strategy included:

Targeting nonprofit organizations and educational institutions
Highlighting the property’s historical significance and institutional layout
Structuring the deal to accommodate the needs of both parties

The AFB Portfolio’s sale reinforced Bob Knakal’s ability to execute complex transactions involving large institutional assets.

Neighborhood Overview

Chelsea is a dynamic Manhattan neighborhood known for its blend of historic and modern developments. The area’s appeal includes:

Cultural Landmarks: Home to world-renowned galleries and institutions
Educational Institutions: Proximity to major schools and research centers
Historic Architecture: Features preserved brownstones and converted loft buildings
Convenient Location: Easy access to public transportation and major business hubs

The sale of The AFB Portfolio highlighted Chelsea’s strong demand for institutional and user properties, further cementing its status as a prime destination for nonprofit and educational organizations.

Conclusion

The sale of The AFB Portfolio demonstrated Bob Knakal’s expertise in handling institutional transactions, ensuring a smooth transfer between two nonprofit entities. By leveraging market insights and strategic positioning, Bob secured a successful outcome, reinforcing Chelsea’s reputation as a thriving hub for educational and cultural institutions.