Successful Sale of 135-139 East 17th Street in Gramercy, Manhattan
Bob Knakal led the sale of 135-139 East 17th Street, a 45-unit elevator building in the desirable Gramercy neighborhood of Manhattan. The property was sold on April 10, 2006, for $8,350,000, representing $370.91 per square foot across 22,512 square feet.
This off-market opportunity attracted interest due to its location just steps from Union Square and Irving Place, along with its rare elevator service and sizable unit count for the area. Bob’s involvement ensured that the seller, a seasoned developer, secured a deal that met their goals in both pricing and terms.
Elevator Building Sales - For the complete list click here Elevator Buildings
Sale Details
Positioned on East 17th Street between Third Avenue and Irving Place, the property offered a classic pre-war structure with elevator service—an uncommon feature in smaller multifamily assets in this part of Manhattan. The buyer, Louis Malone, recognized the long-term potential of this stable, income-generating property in one of the city’s most consistently in-demand neighborhoods.
Sale Price: $8,350,000
Buyer: Louis Malone
Seller: Hal Fetner & Sidney Fetner
Property Type: Multifamily – Elevator
Date Closed: April 10, 2006
Address: 135-139 East 17th Street, New York, NY 10003
Units: 45
Building Size: 22,512 SF
Price per SF: $370.91
Property Characteristics
This elevator multifamily building stood out due to its scale, location, and elevator configuration, which made it more accessible to a broader tenant base. With 45 total units, the property provided a rare combination of density and quality in a neighborhood known for smaller walk-up buildings.
Its proximity to Union Square’s transportation hub and surrounding dining, retail, and academic institutions contributed to its long-term investment appeal.
The Client’s Experience
The sellers, Hal and Sidney Fetner, brought a developer’s mindset to the transaction and were seeking a broker who understood both the asset’s potential and the local market dynamics. Bob Knakal’s long-standing track record in Manhattan multifamily transactions made him the ideal choice.
His knowledge of Gramercy and the surrounding submarkets enabled him to effectively position the property, identify a qualified buyer, and structure a transaction that closed smoothly.
Market Strategy and Buyer Engagement
Rather than launching a broad marketing campaign, Bob targeted a select group of qualified multifamily investors with an appetite for stabilized elevator buildings in core Manhattan locations. This strategy allowed for a focused process and a discreet sale, protecting the property’s operating continuity while maximizing value.
Neighborhood Overview
Gramercy offers a unique mix of charm and accessibility, making it a consistent favorite among renters and investors alike.
- Near Union Square and its major subway lines (4, 5, 6, L, N, Q, R)
- Close to NYU and other major institutions
- Tree-lined streets with a blend of historic and modern architecture
- Strong rental demand and low vacancy rates
- Residential feel with easy access to Midtown and Downtown
Conclusion
The $8.35 million sale of 135-139 East 17th Street reflects Bob Knakal’s expertise in matching high-quality assets with motivated buyers. His tailored approach, market insight, and ability to navigate complex deals delivered a strong outcome for the seller and positioned the property for long-term success.
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.
