Elevatored Apartment Building in Upper West Side Manhattan Sold for $70,250,000

Successful Sale of 215 West 84th Street in Manhattan’s Upper West Side

Bob Knakal and his team closed the sale of 215 West 84th Street, also known as 2320 Broadway, a prime development and multifamily property located in Manhattan’s Upper West Side.

The sale price of $70,250,000 marked a significant achievement for the seller, Jeffrey Elghanayan. Bob’s comprehensive market analysis, strategic marketing efforts, and structured negotiation ensured the highest possible value for the property.

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Sale Details

Located at 215 West 84th Street, the property offered exceptional development potential, making it highly attractive to the buyer, Mike Naftali of Naftali Group. Bob Knakal and his team’s efforts to cast a wide net and engage all interested buyers played a crucial role in this successful sale.

Sale Price: $70,250,000
Seller: Jeffrey Elghanayan
Buyer: Mike Naftali, Naftali Group
Seller Type: Real Estate Investor
Property Type: Development, Multifamily
Sale Date: June 8, 2021

Property Details

The development site at 215 West 84th Street consists of a seven-story building with a lot size of 22,137 square feet and 141,000 buildable square feet (BSF). The price per BSF was $498.23, reflecting the property’s prime location and development potential in the Upper West Side.

Full Address: 215 West 84th Street (2320 Broadway), New York, NY 10024
Zoning: Development, Multifamily
Stories: 7
Lot Size: 22,137 square feet
Buildable Square Feet: 141,000

The Client: A Real Estate Investor Seeking Maximum Value

Jeffrey Elghanayan, the property’s seller, entrusted Bob Knakal and his team to navigate the sale process. Bob’s team provided prompt, comprehensive market analysis to establish the offering price and implemented a structured marketing campaign to attract competitive offers.

The process was marked by clear communication, transparency, and strategic agility, allowing Jeffrey to achieve what he believed to be the highest value for his property. Bob’s expertise ensured that every potential buyer was given the opportunity to explore the property, culminating in a successful deal with Mike Naftali.

Market Strategy and Leverage

Bob Knakal’s strategy focused on:

Providing regular reporting and updates to the seller.
Engaging a broad pool of potential buyers through targeted marketing.
Structuring negotiations to foster competition among interested parties.

These efforts resulted in an exceptional outcome, aligning with Jeffrey Elghanayan’s goals and expectations.

Neighborhood Overview

The Upper West Side remains one of Manhattan’s most sought-after areas, characterized by:

Prime location: Proximity to Riverside Park, Central Park, and vibrant Broadway.
Rich history: Iconic brownstones and cultural landmarks.
Desirability: High demand for multifamily and development opportunities.

This vibrant neighborhood continues to attract investors and developers, reinforcing its status as a hub for residential and commercial growth.

Conclusion

The sale of 215 West 84th Street highlights Bob Knakal’s expertise in maximizing value for his clients. By employing strategic marketing, clear communication, and comprehensive analysis, Bob and his team delivered a stellar outcome for Jeffrey Elghanayan.

Testimonial

“Bob Knakal and his team provided prompt comprehensive market analysis to establish the offering price, cast a wide net, and brought all the interested buyers through the property in a timely manner. They managed a structured negotiation yielding what I believe was the highest value for my property. The inherent confidence, clarity, and communication they provide by the very nature of how they implement their exclusive representation of sellers established a transparent relationship allowing for the agility needed to consummate a sale in today’s environment. JLL’s advice shaped the initial parameters at the outset that they worked carefully to adhere to, providing regular reporting on their activities backed up with access as needed to drill deeper on any questions I had.”
– Jeffrey Elghanayan

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