Significant Sale of 75-81 Nassau Street in Manhattan’s Financial District
Bob Knakal and his team successfully closed the sale of 75-81 Nassau Street, a multifamily and development portfolio located in Manhattan’s Financial District (FiDi). The property, owned by Raymond Gindi of Century 21 Stores, was sold for $46,000,000 to Metin Negrin in June 2014. This transaction highlights Bob’s ability to create competitive bidding environments that maximize value for clients.
Development Site Sales - For the complete list click here Development Sites
Sale Details
The Nassau Street portfolio offered a rare development opportunity in the heart of FiDi. Spanning two buildings, the portfolio included:
- 75-77 Nassau Street: A 4-story elevator building.
- 79-81 Nassau Street: A 6-story elevator building.
The combined lot size of 102 x 108 provided a total buildable square footage of 163,080, making it an attractive investment for multifamily and development use. The sale price of $46 million equated to $282.07 per buildable square foot.
Bob Knakal’s strategic approach created a competitive process that attracted multiple offers, ultimately leading to the best possible outcome for the seller.
Sale Price: $46,000,000
Seller: Raymond Gindi, Century 21 Stores
Buyer: Metin Negrin
Property Type: Development, Multifamily Elevator
Units: 43
Sale Date: June 12, 2014
Property Details
The Nassau Street portfolio featured:
- Buildings/Lots: Two elevator buildings on a 102 x 108 lot.
- Stories: 4 and 6 stories, respectively.
- Development Opportunity: A total of 163,080 buildable square feet.
- Location: Prime positioning in FiDi, surrounded by retail and residential demand.
This portfolio was marketed as a premier development opportunity with significant potential for multifamily use.
Competitive Market Strategy
Bob’s strategy centered on generating strong interest from developers and investors. The team identified key potential buyers and implemented a competitive bidding process, leveraging the portfolio’s unique location and buildable space. This approach resulted in achieving $46 million, exceeding initial expectations.
Neighborhood Overview
The Financial District offers unparalleled advantages for developers and residents alike:
- Proximity to Landmarks: Steps from the New York Stock Exchange and the Brooklyn Bridge.
- Convenient Transit: Close to major subway lines and PATH trains.
- Dynamic Growth: FiDi has seen a transformation into a thriving residential and commercial hub.
- Retail and Dining: Surrounded by high-end stores, fine dining, and historical attractions.
Conclusion
The sale of 75-81 Nassau Street demonstrates Bob Knakal’s expertise in handling complex transactions and securing exceptional outcomes for clients. By fostering a competitive market environment, Bob and his team maximized the value of this multifamily development opportunity in Manhattan’s Financial District.
Testimonial
“Bob and his team have sold dozens of retail assets for us over the years. Our two buildings on Nassau Street created a tremendous development opportunity. Bob created a competitive bidding process that achieved great pricing for us.”
– Raymond Gindi, Century 21 Stores
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.
