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Successful Sale of the Fordham Fulton Portfolio in the Bronx
Bob Knakal and his team successfully closed the sale of the Fordham Fulton Portfolio, a multifamily elevator portfolio spanning two properties in the Fordham and Morrisania neighborhoods of the Bronx.
The portfolio, which included Robert Fulton Terrace (530-540 East 169th Street) and Fordham Towers (480 East 188th Street), sold for $30,472,500 on September 27, 2012. With a combined 490 units and 433,556 square feet, the sale reflected a price per square foot of $70.29, highlighting the market demand for large-scale residential assets in the Bronx.
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Sale Details
Bob Knakal’s team navigated the complexities of a note sale transaction while ensuring the institutional seller, LNR, secured optimal terms. The final sale price of $30.47 million met the seller’s objectives, marking their second successful portfolio sale with Bob’s team.
- Sale Price: $30,472,500
- Seller: LNR
- Buyer: Mark Karasick
- Seller Type: Institutional, Bank
- Property Type: Multifamily – Elevator, Note Sale, Portfolio
- Sale Date: September 27, 2012
- Portfolio Properties:
- Robert Fulton Terrace: 530-540 East 169th Street
- Fordham Towers: 480 East 188th Street
- Total Units: 490
- Total SF: 433,556
- Price per SF: $70.29
Property Details
The Fordham Fulton Portfolio represented a rare opportunity to acquire a large-scale, elevator-serviced multifamily portfolio in the Bronx. Both buildings featured substantial unit counts and offered immediate income potential.
Robert Fulton Terrace, located in Morrisania, is a mid-rise apartment complex known for its strong tenant base and proximity to local retail and transit. Fordham Towers, situated in Fordham, is a large residential property with easy access to Fordham University and major transit hubs.
The deal required overcoming challenges typical of note sales, including structuring the transaction to satisfy all parties involved. Bob Knakal and his team’s expertise in portfolio transactions and debt sales ensured a seamless process.
Market Strategy and Execution
Bob’s team applied a strategic marketing approach, leveraging:
- Targeted outreach to portfolio investors and multifamily operators
- Deep market knowledge to position the portfolio competitively
- Negotiation expertise to navigate deal complexities
By engaging with multiple interested parties, the team secured strong terms and pricing for the institutional seller, ensuring a successful outcome.
Neighborhood Overview
The Fordham and Morrisania neighborhoods are key residential areas in the Bronx, known for their dense multifamily housing stock and accessibility.
- Fordham:
- Home to Fordham University and a hub for student and workforce housing
- Strong retail corridor along Fordham Road
- Major transit access via Metro-North and multiple subway lines
- Morrisania:
- Growing demand for affordable and market-rate housing
- Proximity to the Grand Concourse and local amenities
- Expanding investment in multifamily and mixed-use properties
Conclusion
The successful sale of the Fordham Fulton Portfolio demonstrates Bob Knakal and his team’s expertise in large-scale multifamily transactions and note sales. Their ability to navigate complex deal structures, maintain strong client relationships, and execute with precision ensured the best possible outcome for the seller.
Testimonial
“Bob Knakal and his team did a truly exceptional job on this assignment for us. They were able to navigate through all the hurdles that were thrown at us during the process and in the end were able to effectuate a sale for us that met all of our needs. This is the second portfolio sale that they have completed for us, and we will continue to look to them for our NYC real estate needs. Their knowledge of the marketplace and dedication to producing excellent results is unsurpassed.”
– Whitney Wheeler, LNR
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