.png)
Successful Sale of 200 East 79th Street on Manhattan’s Upper East Side
Bob Knakal and his team successfully closed the sale of 200 East 79th Street, a highly sought-after corner development site in the heart of the Upper East Side. The property, formerly owned by John and Catherine Joanides, commanded a final sale price of $20,000,000.
With 86,940 buildable square feet and a prominent corner location, the site attracted substantial interest from developers. Bob’s direct engagement and well-timed strategy helped bring the right buyer to the table, resulting in a streamlined transaction with favorable terms.
Development Site Sales - For the complete list click here Development Sites
Sale Details
Located at the intersection of East 79th Street and Third Avenue, this development site offered both high visibility and excellent development potential. As a full lot positioned on a prime Upper East Side corner, the property provided an exceptional opportunity for residential or mixed-use redevelopment.
Sale Price: $20,000,000
Buyer: Orin Wilfe – Skyline Development
Seller: John & Catherine Joanides
Property Type: Development Site
Date Closed: April 30, 2006
Address: 200 East 79th Street, New York, NY 10075
Zoning: Development
Buildable Square Footage: 86,940
Price per BSF: $230.04
Property Characteristics
Positioned on a full lot with substantial frontage, the four-building assemblage offered a rare scale for new development in one of Manhattan’s most prestigious neighborhoods. With 86,940 buildable square feet, developers were given the flexibility to pursue high-end residential, luxury condominium, or mixed-use plans.
The strategic location on the northeast corner of East 79th Street and Third Avenue made this site a trophy asset. Its corner exposure added to its appeal for future ground-floor retail or flagship commercial use, while the surrounding residential fabric ensured long-term demand.
The Client’s Experience
The sellers, longtime owners of the property, engaged Bob Knakal due to his extensive track record of Upper East Side transactions. Bob maintained communication with the owners over the years, sharing neighborhood insights and market updates.
When the decision to sell was made, Bob’s advisory approach helped guide the sellers through the process—from pricing and marketing strategy to selecting a qualified buyer and negotiating the terms. The final deal exceeded expectations in both pricing and timeline.
Market Strategy and Buyer Targeting
Bob’s approach included identifying developers with an existing presence in the neighborhood and a strong reputation for high-end projects. He also activated a curated database of users and investors looking for corner retail footprints, creating competition around the property.
This multi-pronged strategy ensured that Skyline Development, a reputable buyer with a strong understanding of the neighborhood’s potential, submitted a compelling offer aligned with the sellers' goals.
Neighborhood Overview
The Upper East Side is known for its historic charm, strong residential base, and premium retail corridors. The location of 200 East 79th Street offered:
- Direct access to major transit, including the 6 train and the Second Avenue Subway
- Proximity to Central Park and Museum Mile
- One of the highest concentrations of luxury residences in Manhattan
- Long-standing appeal to both national retailers and boutique developers
- Exceptional school districts and healthcare institutions nearby
Conclusion
The $20 million sale of 200 East 79th Street highlights Bob Knakal’s ability to execute complex deals in Manhattan’s most competitive markets. By combining strong buyer relationships with deep market knowledge, Bob delivered a high-value outcome for the seller, maximizing the potential of a prime corner development site in the Upper East Side.
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
