Elevator Multifamily Buildings at 524-534 East 88th Street in Upper East Side Sell for $15,000,000

Successful Sale of 524-534 East 88th Street in the Upper East Side

Bob Knakal and his team successfully closed the sale of 524-534 East 88th Street, a pair of elevator multifamily buildings in the Upper East Side. The sale, which closed on October 20, 2010, achieved a price of $15,000,000, reflecting strong demand for well-located residential assets in this prime Manhattan neighborhood.

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Sale Details

Situated in a desirable residential corridor of the Upper East Side, 524-534 East 88th Street spans 57,240 square feet across two buildings. The sale was structured to maximize the seller’s return while ensuring a smooth transaction process.

Sale Price: $15,000,000
Property Type: Multifamily – Elevator
Sale Date: October 20, 2010
Buildings: 2
Total Square Footage: 57,240 SF
Price per SF: $262.05
Number of Units: 75

Property Details

These two well-maintained elevator buildings offered a total of 75 residential units, catering to the consistent demand for housing in the Upper East Side. With a total buildable area of 57,240 square feet, the properties presented an attractive opportunity for long-term investment.

Positioned on East 88th Street, the buildings were located in a tree-lined section of the neighborhood, benefiting from proximity to Carl Schurz Park, the East River Esplanade, and various local amenities. The transaction demonstrated continued investor confidence in multifamily assets within established Manhattan neighborhoods.

Full Address: 524-534 East 88th Street, New York, NY 10128
Neighborhood: Upper East Side
Property Type: Multifamily – Elevator
Total Square Footage: 57,240 SF
Number of Units: 75

Market Strategy and Leverage

Bob Knakal and his team leveraged their deep understanding of the Upper East Side market to ensure the seller achieved the best possible outcome. By highlighting the long-term investment potential and strong rental demand in the area, they positioned the property to attract competitive offers.

Their strategy included:

Targeting investors focused on stable multifamily assets.
Showcasing the property’s strong occupancy history and potential for rental growth.
Emphasizing the benefits of elevator buildings in a high-demand residential market.

Neighborhood Overview

The Upper East Side remains one of Manhattan’s most desirable residential neighborhoods, known for its blend of historic charm and modern convenience.

Proximity to Green Spaces: Near Carl Schurz Park and the East River Esplanade, providing scenic outdoor areas.
Residential Appeal: Tree-lined streets with a mix of classic and contemporary residential buildings.
Accessibility: Well-connected to public transportation, including the Q and 4/5/6 subway lines.
Investment Stability: Strong rental demand and long-term appreciation make it a sought-after market for multifamily investments.

Conclusion

The sale of 524-534 East 88th Street highlights Bob Knakal’s ability to secure favorable terms for sellers while navigating the competitive Upper East Side market. His strategic approach and deep market knowledge ensured a seamless transaction, reinforcing the enduring appeal of multifamily properties in this prime Manhattan neighborhood.

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