Successful Sale of 176-180 Claremont Avenue in Manhattanville, Harlem
Bob Knakal successfully arranged the sale of 176-180 Claremont Avenue, a 36-unit elevator apartment building located in the Manhattanville section of Harlem. The property, comprising over 44,600 square feet, offered a unique blend of scale and stability, attracting interest from experienced multifamily investors. The final sale price was $8,500,000, or approximately $190 per square foot—a strong result for the neighborhood at the time.
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Sale Details
Positioned along a quiet, tree-lined stretch of Claremont Avenue, this prewar elevator building represented a classic multifamily asset with enduring income potential in one of Harlem’s emerging pockets.
- Sale Price: $8,500,000
- Sale Date: July 25, 2003
- Property Address: 176-180 Claremont Avenue, New York, NY
- Property Type: Elevator Multifamily
- Square Footage: 44,622 SF
- Price per SF: $190.49
- Units: 36
- Building Count: 1
- Asset Class: Multifamily – Elevator
Property Details
Built with solid prewar construction, the six-story building featured spacious layouts and an elevator, offering a distinct advantage in a market where many nearby assets lacked vertical service. Its unit mix and square footage provided an ideal scale for private investors seeking long-term income and appreciation.
With its location between 122nd and 125th Streets, the property benefited from easy access to nearby academic institutions and the growing Columbia University expansion zone, which was already starting to shift the area’s investment outlook.
The Client: A Well-Located Property with Long-Term Ownership
The seller, a long-term owner with deep roots in the neighborhood, sought to capitalize on rising investor demand in Northern Manhattan. Bob Knakal and his team provided guidance on positioning the property effectively in a transitioning market, identifying qualified buyers who recognized the building’s location, size, and income consistency.
Market Strategy and Buyer Engagement
The property was introduced to a select group of multifamily operators and local investors who had experience with elevator buildings and stable rent rolls. The campaign emphasized the potential for long-term rental upside and future appreciation driven by:
- Proximity to the Columbia Manhattanville expansion
- Ongoing infrastructure upgrades in West Harlem
- Consistent demand for elevator product north of 110th Street
Bob’s methodical process and street-by-street market knowledge led to a smooth transaction and a confident buyer with long-term vision.
Neighborhood Overview
Manhattanville, a historic section of West Harlem, was on the cusp of transformation at the time of the sale.
- Close to Columbia University and Riverside Church
- Near public green space at Riverside Park and Morningside Park
- Increasing interest from institutional investors
- Accessible via the 1 train and multiple bus lines
- Architecturally rich area with prewar residential stock
Conclusion
The sale of 176-180 Claremont Avenue exemplifies Bob Knakal’s deep understanding of Harlem’s evolving submarkets and his ability to navigate complex multifamily sales. His team’s focused strategy and knowledge of investor appetite for elevator buildings enabled a smooth, high-value transaction for both buyer and seller.
By aligning property fundamentals with the right buyer profile, Bob helped unlock the full value of a legacy asset in a fast-changing Manhattanville corridor.
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