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Successful Sale of Blockfront Portfolio in Lenox Hill, Upper East Side, Manhattan
Bob Knakal successfully facilitated the sale of the prestigious Blockfront Portfolio, one of the largest development sites on Manhattan’s Upper East Side. This iconic site, which stretches along the entire easterly blockfront of Third Avenue between 76th and 77th Streets, was sold for $232 Million to Northwell Health, a medical user. The Glick Family, who had spent decades assembling this valuable portfolio, trusted Bob Knakal to guide them through the complex sales process and help identify the real buyers from the dozens of interested parties.
Sale Details
The Blockfront Portfolio was sold to Northwell Health for $232 million. Northwell, a major healthcare provider, planned to use the site for medical facilities. By leveraging his extensive market insights and careful negotiation, Bob Knakal helped the Glick Family achieve an exceptional result for their decades-long investment.
Sale Price: $232,000,000
Seller: Glick Family (Glick Property Group)
Buyer: Northwell Health
Seller Type: High-Net-Worth Family, Long-Term Property Owner
Property Type: Commercial Development Site
Sale Date: August 3, 2018
Property Details
The Blockfront Portfolio consisted of multiple properties, including 1329-1337 Third Avenue, 1339-1341 Third Avenue, 1343-1345 Third Avenue, 1347 Third Avenue, 202 East 77th Street, and 201-203 East 76th Street. This site represented one of the most significant development opportunities on the Upper East Side, with a combination of residential and commercial development potential.
Full Address: 1329-1337 Third Avenue, 1339-1341 Third Avenue, 1343-1345 Third Avenue, 1347 Third Avenue, 202 East 77th Street, 201-203 East 76th Street, New York, NY 10021
Zoning: C1-9
Property Type: Development Site
Asset Type: Residential / Commercial, Development, User
Market Challenges and Approach
For years, the Glick Family had been approached by a wide array of potential buyers and brokers who were eager to purchase this unique site. Although they had received numerous offers over the years, a formal marketing process had not been undertaken. When the family finally decided to sell, they were left with the challenge of determining which buyers were serious and which were simply wasting their time.
Randy Glick reached out to Bob Knakal, knowing that his decades of experience in New York City’s development landscape would help them navigate the complex market. Bob had established relationships with the Glick family that spanned generations, having known Alvin Glick, Randy’s father, since the early days of his career. This long-standing relationship gave the Glick family confidence in Bob’s ability to help them make the right decision.
Bob analyzed all of the offers on the table, advising the family on which buyers had their own equity, which developers were actively building in the area, and who might be willing to pay a premium. With his intimate knowledge of the market, Bob was able to weed out the non-serious buyers and focus on those who were ready to move forward.
Neighborhood Overview
The Upper East Side remains one of Manhattan’s most desirable neighborhoods for both residential and commercial development. The Blockfront Portfolio, with its prime location along Third Avenue, represented a rare opportunity for large-scale development in an area that continues to see strong demand for new projects. The sale to Northwell Health reflects the growing trend of healthcare providers investing in New York City real estate as part of their long-term expansion plans.
Conclusion
The sale of the Blockfront Portfolio on Third Avenue underscores the importance of market knowledge, relationship-building, and careful buyer vetting in real estate. Bob Knakal’s decades of experience in the New York City development landscape allowed the Glick Family to achieve an exceptional outcome for their asset, after many years of fielding offers. By identifying the most serious and capable buyers, Bob’s expertise ensured a smooth transaction that maximized the value of the family’s long-term investment.
Testimonial
“When we decided to sell our Third Avenue site, we thought getting Bob Knakal’s insights would be helpful given his significant track record on development site sales over many decades. Our family’s relationship with Bob goes back to the 1980s and we were happy to have him consult with us during the sales process. His involvement helped us achieve results that we were very pleased with and we recommend him to other sellers of land in New York City.”
– Randy Glick, Glick Property Group
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