Successful Sale of 1461-1465 Third Avenue in Carnegie Hill, Upper East Side, Manhattan
Bob Knakal successfully closed the sale of the development site at 1461-1465 Third Avenue, located on the corner of 83rd Street and Third Avenue in Manhattan's Upper East Side. The site, consisting of several four- and five-story buildings, offered 210,000 buildable square feet and was sold for $166,142,708. This transaction was the result of decades-long relationships between Bob Knakal and the two families who owned the properties, the Aryeh family and the Muss family.
Sale Details
The properties at 1461-1465 Third Avenue were sold for $166,142,708 to Miki Naftali, a well-known developer, and his acquisitions team, led by David Hochfelder. Bob Knakal’s team, which included Jonathan Hageman and Clint Olsen, worked closely with the Muss and Aryeh families to ensure the deal moved forward smoothly, despite the complex nature of the transaction.
Sale Price: $166,142,708
Seller: Aryeh Family and Muss Family
Buyer: Miki Naftali
Seller Type: High-Net-Worth Families, Long-Term Property Owners
Property Type: Development Site
Sale Date: June 28, 2019
Property Details
The development site at 1461-1465 Third Avenue included several adjacent buildings and a significant amount of buildable square footage, making it a highly sought-after location for development in the Upper East Side’s Carnegie Hill neighborhood.
Full Address: 1461-1465 Third Avenue, New York, NY 10028
Zoning: Development
Property Type: Development Site
Buildable Square Footage: 210,000 square feet
Asset Type: Mixed-Use, Development
The Relationships Behind the Deal
Bob Knakal’s relationship with the Aryeh and Muss families goes back to the 1980s, and this long-term trust played a crucial role in securing the deal.
- The Aryeh Family: Bob first met Benjamin Aryeh in 1985 during the sale of 1087 Second Avenue, a transaction involving complex family dynamics. Despite the challenges, Benjamin Aryeh’s respect for Bob’s integrity was demonstrated when he paid Bob’s commission even before the closing of the deal. This act of trust formed the foundation of a strong, enduring relationship.
- The Muss Family: Bob had also known Josh Muss since the late 1980s, having worked with him on several transactions over the years. As a trustee and board member at Yeshiva University, Josh Muss had a sterling reputation in the New York real estate market. In subsequent years, Bob built a close friendship with Josh’s son, Jason Muss, who had taken a leadership role in the family business, Muss Development.
Neighborhood Overview
Carnegie Hill, located in the Upper East Side, is one of Manhattan’s most desirable neighborhoods, known for its proximity to Central Park, cultural landmarks, and luxury real estate. Development opportunities in this area are highly sought after due to the scarcity of available land and the neighborhood’s reputation for high-end projects. The sale of 1461-1465 Third Avenue highlights the growing demand for large development sites in New York City, particularly in well-established neighborhoods like Carnegie Hill.
Conclusion
The sale of 1461-1465 Third Avenue is a testament to the power of long-term relationships and deep market knowledge in the New York City real estate market. Bob Knakal’s decades-long relationship with the Aryeh and Muss families, combined with his team’s expertise in development site transactions, ensured the successful closing of this complex deal. The transaction also reflects the strength of the Carnegie Hill market, where prime development sites continue to command premium prices.
Testimonial
“Our family has known and worked with Bob Knakal and his team for decades and have always admired their ability to get challenging transactions closed. We respect the fact that day after day and year after year Bob and his team are fully engaged in the New York City market and have never taken their eyes off what is going on here. When we and our partners decided the time was right to sell our Third Avenue site, we chose Bob, Clint Olsen, and the whole team to represent us. There were many twists and turns during this deal, but they stuck by our side each and every step of the way and, in the end, the results they produced were outstanding for us! We would happily work with them again and recommend them to anyone looking to sell a property in New York City.”
– Jason Muss, President, Muss Development
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