Commercial-User Building at 403 East 91st Street in Upper East Side Manhattan Sold for $8,995,000

Successful Sale of 403 East 91st Street in Upper East Side, Manhattan

‍Bob Knakal successfully closed the sale of 403 East 91st Street, a four-story commercial property located in the prestigious Upper East Side of Manhattan. The property, owned by Jonathan Litt of Litt Family Interests, sold for $8,995,000, far exceeding the initial expectations. Bob’s tailored marketing approach and focus on finding a user buyer led to a premium price for the property.

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Sale Details

‍The sale of 403 East 91st Street closed on May 23, 2007, for $8,995,000. The seller’s goal was to find a user buyer who would pay a premium for the building, and Bob successfully achieved this by targeting potential buyers who would occupy the property, rather than investors seeking to lease it. The final price came in at $312.33 per square foot.

Sale Price: $8,995,000
Property Address: 403 East 91st Street, New York, NY 10128
Property Type: Commercial, User
Zoning: Commercial
Building Size: 28,800 SF
Lot Size: 4 Stories

The Client: Litt Family Interests Seeking a User Buyer

‍Jonathan Litt, representing Litt Family Interests, was looking to sell their commercial property on East 91st Street. Bob’s expertise and market knowledge were crucial in helping Jonathan achieve a higher price than expected. With a clear strategy, Bob focused on finding a buyer who would utilize the property, ultimately securing a premium sale price.

Market Strategy and Leverage

‍Bob’s approach focused on targeting users in the retail sector. Through outreach, he identified Eli Zabar, a renowned retailer, as a potential buyer. The property was well-suited for a user looking to occupy a prime location in the Upper East Side, which allowed Bob to negotiate a better price compared to the investor market.

Neighborhood Overview

‍Upper East Side is one of Manhattan’s most sought-after neighborhoods, known for its luxury residences, cultural institutions, and proximity to Central Park. Notable characteristics include:

High demand for retail and commercial spaces
Ideal location for businesses looking to cater to affluent customers
Strong retail environment, attracting prominent brands and established businesses

Conclusion

‍The sale of 403 East 91st Street is a testament to Bob Knakal’s strategic approach and ability to secure the best possible outcome for his clients. His focus on finding a user buyer and leveraging the market’s demand for commercial space allowed the Litt Family Interests to sell at a premium price.

‍Testimonial

‍“We knew Bob Knakal by reputation but had never worked with him until we decided to sell our asset on East 91st Street. Bob laid out a very thorough marketing plan with the focus being on finding a user buyer who would occupy our property. Bob said that user would pay us a premium for the building over what an investor would pay. And he did just that. He brought us dozens of offers and ultimately found a user buyer who paid us a premium for the property. Bob lived up to his reputation and we recommend him to other sellers of properties in New York City.”
– Jonathan Litt, Litt Family Interests