East Village & Upper East Side Portfolio Sells for $126,250,000 in Manhattan

Successful Sale of the Stone Street Portfolio in Manhattan

Bob Knakal and his team successfully closed the sale of the Stone Street Portfolio, a multifamily elevator portfolio located in Manhattan’s East Village and Upper East Side neighborhoods. The portfolio, consisting of five buildings with a total of 267 units and 144,043 square feet, sold for $126,250,000 on September 24, 2014.

The sale marked a significant achievement, showcasing the team’s ability to navigate a competitive market while delivering exceptional results. Their strategic approach ensured optimal pricing and favorable terms for this institutionally owned asset.

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Sale Details

The Stone Street Portfolio’s unique combination of five well-maintained multifamily elevator buildings presented a rare opportunity for buyers in the thriving East Village and Upper East Side markets. The team’s market expertise and negotiation skills were instrumental in achieving the $126.25 million sale price, equating to $876.47 per square foot.

Sale Price: $126,250,000
Asset Class: Multifamily Elevator Portfolio
Total Units: 267
Total SF: 144,043
Price per SF: $876.47
Date Closed: September 24, 2014

Portfolio Details

The Stone Street Portfolio included the following properties:

176 East 3rd Street, East Village
420 East 66th Street, Upper East Side
336 East 81st Street, Upper East Side
344 East 85th Street, Upper East Side
404 East 88th Street, Upper East Side

These properties, located in vibrant and highly desirable neighborhoods, featured elevator buildings with significant rental income potential and a total of 267 units. The well-maintained buildings offered a mix of layouts, catering to the demand for quality housing in these sought-after areas.

Neighborhood Overview

East Village:

Known for its artistic and cultural history, as well as its eclectic mix of residents.
Popular among young professionals and students.
Thriving nightlife, restaurants, and boutique shops.

Upper East Side:

Iconic neighborhood with a mix of luxury residences and classic New York charm.
Home to renowned cultural institutions like the Metropolitan Museum of Art.
Family-friendly area with excellent schools and green spaces such as Central Park.

Conclusion

The sale of the Stone Street Portfolio demonstrates Bob Knakal’s unmatched expertise in Manhattan’s multifamily market. His strategic guidance and commitment to excellence ensured the best possible outcome for this institutionally owned asset, securing a landmark deal in two of the city’s most desirable neighborhoods.

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