Columbia Portfolio, a Mixed-Use Multifamily Walk-Up in Morningside Heights, Sells for $37M

Successful Sale of the Columbia Portfolio in Morningside Heights, Northern Manhattan

‍Bob Knakal and his team successfully closed the sale of the Columbia Portfolio, a mixed-use and multifamily walk-up property portfolio located in Morningside Heights. The portfolio, comprising five buildings with 93 residential units, was sold to Gary Barnett of Extell Development for $37,000,000. The deal was finalized on November 21, 2006, marking a key milestone for the seller, Marc Kwes.

The sale price was $37,000,000, and Bob’s proactive approach played a significant role in securing an excellent price for the seller, ensuring the deal's success.

Sale Details

The Columbia Portfolio was a mixed-use, multifamily portfolio that offered significant potential in a growing neighborhood. The portfolio's buyer, Extell Development, recognized the value of the properties and acted swiftly to close the deal. Bob's team facilitated the process and helped ensure a smooth transaction.
The final sale price of $37,000,000 was the result of Bob's thorough market knowledge and his ability to secure favorable terms.

Sale Price: $37,000,000
Seller: Marc Kwes
Buyer: Gary Barnett, Extell Development
Property Type: Mixed-Use, Multifamily Walk-Up Portfolio
Sale Date: November 21, 2006
Units: 93
Square Footage: 77,339 SF
Price per SF: $478.41

Property Details

The Columbia Portfolio is made up of five properties across Amsterdam Avenue and Broadway, with addresses including:

1268 Amsterdam Avenue (1977-33) Located on the west side of Amsterdam Avenue between 122nd and 123rd Street in Morningside Heights, this property contains approximately 10,600 square feet and 16 residential units.
1270 Amsterdam Avenue (1977-34) This property, located in Morningside Heights, contains 16 residential units and approximately 10,600 square feet.
1272 Amsterdam Avenue (1977-35) Located in Morningside Heights, this property consists of approximately 10,600 square feet and 16 residential units.
1274 Amsterdam Avenue (1977-36) Located on the west side of Amsterdam Avenue between 122nd and 123rd Street in Morningside Heights, this property contains approximately 10,825 square feet and 10 residential units.
3139 Broadway aka 121 LaSalle (1993-73) This five-story building, located in Harlem, contains approximately 25,500 square feet and 26 residential units.

The portfolio consists of both residential and commercial spaces, making it a prime mixed-use investment in Morningside Heights. The properties are located in a bustling neighborhood with strong rental demand.

Neighborhood Overview

Morningside Heights is a vibrant and highly desirable neighborhood in Northern Manhattan.
Home to iconic institutions such as Columbia University, this area has long attracted both residents and businesses.
The neighborhood is characterized by a mix of historic architecture and modern developments, with a blend of retail, residential, and cultural spaces.
The area's proximity to major transportation hubs and the university adds to its appeal for both commercial and residential uses.

The Client: Marc Kwes, Seller

Marc Kwes, the seller of the Columbia Portfolio, was a long-time property owner looking to capitalize on the growing demand in Morningside Heights. He reached out to Bob Knakal to guide him through the sales process. Bob's deep knowledge of the local market and his experience with similar deals made him the ideal choice to handle the transaction.

Bob’s proactive communication and strategic approach helped Marc secure the best possible terms for the sale. The successful outcome was made possible by Bob’s constant market updates and ability to reach the right buyer at the right time.

Market Strategy and Leverage

Bob Knakal’s strategy involved tapping into his vast network to identify potential buyers who would recognize the value of a portfolio like the Columbia Portfolio. By positioning the property in the right market context and emphasizing the investment potential, Bob generated significant interest from Extell Development.

The buyer, Extell, a well-established real estate development company, was particularly interested in the portfolio's location and future growth potential.

Conclusion

The sale of the Columbia Portfolio in Morningside Heights demonstrates Bob Knakal’s ability to navigate complex transactions and secure the best outcomes for his clients. Through diligent market research, effective communication, and an extensive network, Bob delivered a favorable result for Marc Kwes, while also facilitating Extell Development’s acquisition of a valuable property portfolio.