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Successful Sale of Bloom & Krup Portfolio in East Village, Manhattan
Bob Knakal and his team successfully facilitated the sale of the Bloom & Krup Portfolio, a collection of four multifamily walk-up buildings with development potential in the East Village. The portfolio, which included properties at 202-204 First Avenue, 206 First Avenue, 407-409 East 12th Street, and 411 East 12th Street, closed on July 9, 1999, for $5,300,500.
The transaction involved a partial interest sale, with a mix of multifamily and development components. Bob and his team implemented a strategic marketing approach, drawing interest from numerous buyers and ultimately securing a strong outcome for the seller.
User Building Sales - For the complete list click here User Buildings
Sale Details
Bob Knakal and his team brought extensive exposure to the Bloom & Krup Portfolio, leveraging their expertise in both development and multifamily sales. The sale process attracted multiple interested parties, ultimately leading to a competitive bidding environment.
Sale Price: $5,300,500
Property Type: Development, Multifamily - Walk-up, Partial Interest, Portfolio, User
Buildings: 4
Lot Size: 59 x 89
Stories: 6
Total Square Footage: 58,246
Price per SF: $91
Units: 59
Sale Date: July 9, 1999
Property Details
Located in the heart of the East Village, the Bloom & Krup Portfolio comprised four adjacent properties, each offering a combination of residential units and future development potential. The buildings, characterized by their classic six-story walk-up structure, provided an attractive investment opportunity in a rapidly evolving neighborhood.
Portfolio Addresses:
- 202-204 First Avenue (440-3)
- 206 First Avenue (440-5)
- 407-409 East 12th Street (440-55)
- 411 East 12th Street (440-54)
Bob and his team identified key selling points that appealed to investors, including the portfolio’s strong occupancy, potential for value-add renovations, and prime East Village location.
Market Strategy and Exposure
Bob Knakal and his team recognized the portfolio’s dual appeal to both development-focused buyers and multifamily investors. Their approach included:
- Broad Market Outreach – Engaging a diverse pool of buyers, from developers to long-term investors.
- Strategic Positioning – Highlighting the walk-up buildings’ stability as income-producing assets while showcasing future redevelopment opportunities.
- Competitive Bidding Process – Generating strong interest through an extensive marketing campaign, leading to multiple offers.
This tailored strategy ensured the seller received the best possible terms while maximizing the portfolio’s value.
Neighborhood Overview
The East Village is one of Manhattan’s most dynamic neighborhoods, known for its cultural vibrancy and strong real estate demand.
- Prime Location: Near Stuyvesant Square Park, Tompkins Square Park, and major transit hubs.
- Strong Demand: Sought after for residential and mixed-use developments.
- Historic and Cultural Appeal: A mix of classic New York architecture, local businesses, and thriving nightlife.
The area’s continued growth and appeal made the Bloom & Krup Portfolio an attractive investment, further contributing to the strong sale outcome.
Conclusion
The sale of the Bloom & Krup Portfolio underscores Bob Knakal’s expertise in handling complex multifamily and development transactions. His team’s strategic marketing and deep understanding of the East Village market resulted in a highly successful deal, securing strong investor interest and a competitive sale price.
Testimonial
"We knew that Bob Knakal and his team were the right brokers for this assignment given his track record in the sale of development sites. We needed a broker with an understanding and expertise in multifamily property sales as well, as this transaction had a combination of both. Bob and his team gave this deal great exposure and brought dozens of buyers to the table. We could not be happier with the service we received and the results that were produced. We highly recommend Bob to any seller in New York.”
– Arlene Hirschler, Flushing Savings Bank
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