Lipshitz & Vogel Estate Multifamily Portfolio Sells in Upper West Side for $36,000,000

Successful Sale of Lipshitz & Vogel Estate Portfolio in Manhattan’s Upper West Side

Bob Knakal and his team successfully closed the sale of the Lipshitz & Vogel Estate Portfolio, comprising two multifamily elevator buildings in Manhattan’s Upper West Side. This $36,000,000 transaction highlights Bob’s strategic market insight and negotiation skills, securing favorable terms for the seller, a high-net-worth estate.

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Sale Details

Bob Knakal’s meticulous strategy and understanding of the competitive Manhattan market played a key role in achieving an optimal outcome. The final sale price was $36,000,000, equating to $257.45 per square foot. The two-building portfolio included a total of 149 units and spanned a combined 139,835 square feet. The deal was finalized on September 30, 2004.

Sale Price: $36,000,000
Buyer: Time Equities / Extell Development
Asset Class: Multifamily Elevator Portfolio
Buildings: 2
Units: 149
Square Footage: 139,835 SF
Price per SF: $257.45
Closing Date: September 30, 2004

Property Details

The Lipshitz & Vogel Estate Portfolio consisted of two well-maintained multifamily elevator buildings, providing a total of 149 residential units. The properties, located at 425-29 Central Park West and 10 West 65th Street, offer prime access to Central Park and other amenities that make the Upper West Side a sought-after neighborhood. These buildings presented a compelling investment opportunity for buyers due to their size, location, and value-add potential.

Addresses: 425-29 Central Park West (1838-33) and 10 West 65th Street
Neighborhood: Upper West Side
Borough: Manhattan
Zoning: Multifamily Elevator Portfolio
Key Features: Proximity to Central Park, elevator buildings, large unit count

Market Strategy and Leverage

Bob Knakal’s strategic approach leveraged the portfolio’s location and asset class to maximize interest from investors. By emphasizing the properties’ proximity to Central Park and potential for future value appreciation, Bob attracted multiple competitive offers. His negotiation expertise ensured favorable terms, including a timely closing and optimal pricing for the seller.

Neighborhood Overview

Proximity to Central Park: The properties are steps away from one of Manhattan’s most iconic landmarks, offering residents unparalleled access to green space.
Cultural Hub: Located near Lincoln Center, the Museum of Natural History, and a variety of theaters and galleries.
Convenient Transportation: Easy access to subway lines and bus routes, enhancing connectivity across the city.
Historic Charm: The Upper West Side’s architectural character and vibrant community make it a desirable residential area.

Conclusion

The successful sale of the Lipshitz & Vogel Estate Portfolio exemplifies Bob Knakal’s expertise in navigating complex transactions in Manhattan’s competitive real estate market. His ability to highlight the portfolio’s strengths and negotiate effectively secured a favorable outcome for the seller, achieving both a high price and advantageous terms.

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