Successful Sale of the Alcoma Portfolio in Gramercy and Midtown West, Manhattan
Bob Knakal and his team successfully facilitated the sale of the Alcoma Portfolio, which consists of a mix of elevator and walk-up multifamily properties, as well as mixed-use buildings, for $110,650,000. The portfolio included seven buildings across sought-after Manhattan neighborhoods, including Gramercy, Midtown East, and Midtown West. With Bob's extensive market knowledge and targeted strategies, the sale resulted in a price of $110.65 million, providing Alcoma Corp. with an exceptional outcome.
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Sale Details
The Alcoma Portfolio sale was concluded on August 3, 2007, with a price per square foot of $689.24. The portfolio comprised a mix of multifamily, mixed-use, and elevator buildings, totaling 207 units across seven properties.
- Sale Price: $110,650,000
- Seller: Alcoma Corp.
- Buyer: Fairline Assoc.
- Property Type: Mixed-Use, Multifamily – Elevator, Multifamily – Walk-Up, Portfolio
- Total Units: 207
- Building/Stories: 7 buildings with varying stories and unit configurations
- SF/BSF: 160,540
- Sale Date: August 3, 2007
- Neighborhoods: Gramercy, Murray Hill, Midtown East, Midtown West, Upper East Side, Upper West Side
- Borough: Manhattan
Portfolio Addresses:
- 115 East 72nd Street
- 200 East 26th Street (aka 355 Third Avenue)
- 210 East 38th Street
- 210-216 West 79th Street
- 328-330 East 52nd Street
- 701-703 Ninth Avenue
- 525-534 West 23rd Street
Property Details
The Alcoma Portfolio included a range of property types across some of Manhattan’s most desirable neighborhoods. The buildings were strategically located in both residential and commercial areas, providing a diverse range of leasing opportunities.
- Key Property Characteristics:
- Multifamily buildings with walk-up and elevator access
- Mixed-use buildings with retail on the lower floors
- Well-maintained, with strong tenant retention
Market Strategy and Leverage
Bob Knakal and his team leveraged their deep knowledge of Manhattan’s multifamily market to identify key opportunities within the portfolio. By carefully analyzing each building's potential and working with a wide network of investors, they were able to achieve an impressive sale price.
The strategic marketing approach included presenting the properties as a portfolio, enhancing their collective value, and ensuring the buyer recognized the unique opportunities these buildings presented in high-demand neighborhoods like Gramercy and Midtown West.
Neighborhood Overview
- Gramercy: Known for its picturesque park and upscale residential appeal, a highly sought-after area for investors.
- Murray Hill: Offers a mix of modern and prewar buildings with strong demand from both families and young professionals.
- Midtown East: The business hub of Manhattan, ideal for mixed-use developments and retail spaces.
- Midtown West: A vibrant and evolving area, close to iconic landmarks and a hub for commercial and residential properties.
- Upper East Side: Renowned for luxury living, fine dining, and access to Central Park.
- Upper West Side: A desirable area for families, with rich cultural institutions and high-end multifamily buildings.
Conclusion
The sale of the Alcoma Portfolio highlights Bob Knakal’s expertise in handling large, complex transactions. By providing in-depth market analysis, targeted strategies, and strong communication, Bob was able to deliver superior results for Alcoma Corp. The sale underscores the value of having a seasoned professional to navigate the intricacies of Manhattan’s multifamily real estate market.
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