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Successful Sale of 415 West 120th Street in Northern Manhattan
Bob Knakal and his team successfully arranged the sale of 415 West 120th Street, a prime development site in the Columbia area of Northern Manhattan. The property, featuring 45 residential units and significant redevelopment potential, was sold for $19,000,000. This marked the first time the asset had been brought to market, and through strategic marketing and execution, Bob and his team ensured a seamless transaction.
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Sale Details
Faced with a strict timeline for the sale, the team leveraged their expertise to create a competitive bidding process, ultimately securing a strong offer from a qualified buyer. Their ability to generate interest and execute within the deadline was key to maximizing value for the seller.
- Sale Price: $19,000,000
- Property Type: Development Site
- Sale Date: January 28, 2016
- Building Size: 32,295 SF
- Price per SF: $588.33
- Units: 45
Property Details
Located in the heart of the Columbia area, 415 West 120th Street presented a rare development opportunity with proximity to one of New York City’s most prestigious educational institutions. The property’s strong fundamentals and potential for redevelopment made it highly desirable among investors.
- Full Address: 415 West 120th Street, New York, NY 10027
- Property Type: Development Site
- Number of Buildings: 2
Market Strategy and Execution
Bob Knakal and his team took a highly targeted approach to marketing this property, ensuring maximum exposure to qualified buyers. The team’s ability to generate competition among bidders resulted in an optimal sale price, aligning with the seller’s expectations and timeline.
Neighborhood Overview
The Columbia area in Northern Manhattan is known for:
- Its proximity to Columbia University, driving strong demand for residential and mixed-use properties.
- A highly active real estate market with significant development and redevelopment opportunities.
- Easy access to public transportation, including nearby subway lines.
- A mix of historic and new developments catering to students, faculty, and professionals.
Conclusion
The successful sale of 415 West 120th Street highlights Bob Knakal’s ability to navigate complex, time-sensitive transactions while achieving the highest possible value for clients. By creating a competitive market environment and executing with precision, Bob and his team delivered exceptional results.
Testimonial
"Given that this transaction was time-sensitive with a definitive timetable, we needed a powerful team to fully market our property, obtain offers, create a competitive bidding environment, and get a buyer who could close within our deadline. Bob Knakal, Jon Hageman, and their team were the perfect choice for this assignment. They did everything they said they would do, and the execution didn’t miss a beat. This was the third property Savanna has sold with Bob over the past couple of years, and we couldn’t be happier with the results."
— Tom Farrell, Savanna Partners
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