Fifth Avenue Office Building in Upper East Side Sells for $31.12M

Successful Sale of 838 Fifth Avenue in Manhattan's Upper East Side

Bob Knakal and his team successfully closed the sale of 838 Fifth Avenue, an office building owned by the Union of American Hebrew Congregations, to Alfred Taubman’s Athena Group. The sale price was $31,124,000, marking a significant achievement for the non-profit seller.

The Union of American Hebrew Congregations approached Bob after receiving an offer for the property. Bob’s deep understanding of the market and strategic negotiation skills ultimately resulted in a higher sale price and favorable terms for the seller.

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Sale Details

The final sale price for 838 Fifth Avenue was $31,124,000, with a price per square foot of $729.41. Bob's consistent market knowledge and proactive approach to negotiating with prospective buyers ensured the best possible outcome for the seller.

Sale Price: $31,124,000
Seller: Union of American Hebrew Congregations (Non-Profit Organization)
Buyer: Alfred Taubman, Athena Group
Asset Class: Office
Property Type: Office Building
Sale Date: December 7, 1998
Building Size: 42,670 SF
Price per SF: $729.41

Property Details

838 Fifth Avenue is a prime office building located on one of New York City’s most prestigious streets in the Upper East Side. The Union of American Hebrew Congregations held ownership of the property, a significant asset in a highly sought-after neighborhood. Despite receiving an initial offer, Bob Knakal's extensive experience in Manhattan real estate allowed him to negotiate a much more favorable deal.

Full Address: 838 Fifth Avenue, New York, NY 10065
Block: 10
Lot: 9
Neighborhood: Upper East Side
Borough: Manhattan
Asset Class: Office Building

The Client: A Non-Profit Seeking Strategic Real Estate Guidance

The Union of American Hebrew Congregations, a non-profit organization, turned to Bob Knakal for real estate expertise after receiving an offer for 838 Fifth Avenue. With Bob's guidance, the organization was able to achieve a much higher price than initially offered. Bob’s strong reputation in the market and understanding of non-profit needs played a pivotal role in securing a successful deal.

Neighborhood Overview

The Upper East Side is one of Manhattan's most prestigious neighborhoods, offering:

Prime real estate in one of New York City's most affluent areas
Proximity to iconic locations like Central Park and the Museum Mile
High demand for office and residential properties due to its accessibility and desirable location

The sale of 838 Fifth Avenue attracted significant interest, in part due to the strength of the neighborhood's real estate market.

Conclusion

The sale of 838 Fifth Avenue is a prime example of Bob Knakal’s ability to maximize value for clients through strategic negotiation and deep market insight. By understanding the specific needs of the Union of American Hebrew Congregations and utilizing his extensive network, Bob secured a deal that exceeded expectations.

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