Successful Sale of 1274 Fifth Avenue in East Harlem
Bob Knakal and his team successfully closed the sale of 1274 Fifth Avenue, a pre-war multifamily elevator building in East Harlem. The transaction, which took place on October 14, 2003, involved a 54-unit property spanning 55,128 square feet.
The sale, valued at $11,900,000, marked a significant milestone for the seller. Bob’s strategic approach ensured that the property’s value was maximized, with a final price reflecting the strong demand for well-located multifamily assets in the area.
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Sale Details
1274 Fifth Avenue, a 54-unit multifamily elevator building, was sold for $11.9 million. The final sale price reflected a price per square foot of $215.86, demonstrating the strength of the East Harlem market at the time.
- Sale Price: $11,900,000
- Asset Class: Multifamily – Elevator
- Sale Date: October 14, 2003
- Property Size: 55,128 SF
- Price per SF: $215.86
- Number of Units: 54
The transaction required a detailed understanding of market conditions and buyer positioning. Bob Knakal and his team successfully navigated the sale process, ensuring a seamless transition for all parties involved.
Property Details
1274 Fifth Avenue is a pre-war elevator building with 54 residential units, offering expansive views of Central Park. The building’s classic architecture and prime location made it an attractive investment opportunity. Its positioning along Fifth Avenue further enhanced its desirability, benefiting from strong rental demand and neighborhood growth.
- Full Address: 1274 Fifth Avenue, New York, NY 10029
- Neighborhood: East Harlem
- Building Type: Multifamily Elevator Building
- Total Units: 54
- Total SF: 55,128
Strategic Market Approach
Bob Knakal’s approach to the sale was based on a deep understanding of the East Harlem market. By emphasizing the building’s strong rental income potential and its location along Fifth Avenue, his team generated competitive interest, ultimately securing an optimal outcome.
The property’s proximity to Central Park, along with the growing demand for well-maintained multifamily buildings, played a crucial role in achieving favorable terms. Bob and his team positioned the asset effectively, ensuring that it attracted the right buyers who recognized its long-term investment potential.
Neighborhood Overview
- Prime Location: Situated on Fifth Avenue, offering direct access to Central Park.
- Strong Rental Market: Consistent demand for residential units in East Harlem.
- Growing Investment Interest: Increasing appeal of multifamily properties in Northern Manhattan.
- Access to Transportation: Well-connected to subway lines and major transit routes.
Conclusion
The sale of 1274 Fifth Avenue is a testament to Bob Knakal’s market expertise and strategic deal execution. By positioning the property effectively and leveraging strong buyer interest, Bob and his team secured a highly competitive sale price, ensuring the best possible outcome for the seller.
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