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Successful Sale of 500 Kappock Street in Riverdale, Bronx
Bob Knakal successfully closed the sale of 500 Kappock Street, a substantial 83,000-square-foot elevator multifamily building in the Riverdale neighborhood of the Bronx. The property, featuring 81 residential units, sold for $9,800,000. Bob’s expertise in handling large-scale multifamily assets ensured a smooth transaction and a competitive price of $118.07 per square foot.
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Sale Details
The property’s size and desirable location in Riverdale presented a unique investment opportunity. Bob Knakal’s tailored marketing strategy and commitment to client advocacy led to favorable terms and a successful sale.
- Sale Price: $9,800,000
- Property Type: Multifamily – Elevator
- Sale Date: April 30, 2005
- Building Size: 83,000 SF
- Price per SF: $118.07
- Units: 81
Property Details
500 Kappock Street is a prominent elevator multifamily building in Riverdale, offering 81 residential units across 83,000 square feet. Its scale and location make it a valuable asset in a neighborhood known for its residential appeal and access to local amenities.
- Full Address: 500 Kappock Street, Bronx, NY 10463
- Property Type: Multifamily – Elevator
- Building Size: 83,000 SF
- Units: 81
The Client: A Developer Maximizing Property Value
The seller, the Witkoff Organization, sought to divest the 81-unit property as part of their broader real estate strategy. Bob Knakal’s in-depth knowledge of the multifamily market and ability to attract qualified buyers ensured a successful outcome.
Bob’s strategic outreach targeted investors seeking stabilized multifamily assets with elevator access in established residential neighborhoods. His proactive communication and negotiation expertise helped secure the best possible terms for the seller.
Market Strategy and Targeted Outreach
Bob’s approach combined precise market analysis with direct outreach to investors focused on large-scale multifamily properties. The building’s significant size and location in Riverdale were key factors in attracting competitive interest, resulting in a successful transaction.
Neighborhood Overview
Riverdale is known for:
- Quiet, tree-lined streets with a suburban feel.
- Proximity to Van Cortlandt Park and the Hudson River.
- Strong demand for multifamily housing in a residential community.
- Convenient access to public transportation and major roadways.
Conclusion
The sale of 500 Kappock Street underscores Bob Knakal’s ability to deliver outstanding results for clients through tailored marketing and expert negotiation. His dedication to maximizing value and providing comprehensive market insights led to a successful transaction that met the seller’s goals.
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