Lower East Side Multifamily Walk-Up Apartment Building Sale at 118 Ridge Street for $9.6 Million

Successful Sale of 118 Ridge Street in the Lower East Side, Manhattan

Bob Knakal and his team closed the sale of 118 Ridge Street, a five-story walk-up multifamily property with ten residential units. Representing the seller, David Schneiderman, a high-net-worth individual, the team secured a significant outcome, selling the property to Dora Shore of EYC Associates at $951.06 per square foot.

Sale Details

Bob Knakal’s market expertise ensured a seamless process that maximized value for the seller. The team utilized their in-depth knowledge of the Lower East Side to highlight the property’s potential, ultimately attracting strong interest from qualified buyers.

Sale Price: $9,600,000
Seller: David Schneiderman
Buyer: Dora Shore, EYC Associates
Seller Type: High Net-Worth Individual (HNWI)
Property Type: Multifamily Walk-Up
Sale Date: April 24, 2017
Neighborhood: Lower East Side, Manhattan

Property Highlights

Located in the heart of the Lower East Side, 118 Ridge Street offered an attractive investment opportunity due to its:

Lot Size: 2,125 square feet
Building Size: 10,094 square feet
Price Per Square Foot: $951.06
Number of Stories: 5
Units: 10 residential apartments

This well-maintained walk-up building combined location, scale, and income potential, making it a compelling asset for multifamily investors.

Neighborhood Overview

The Lower East Side is one of Manhattan’s most dynamic neighborhoods, known for its:

Eclectic mix of cultural institutions, nightlife, and dining options.
Proximity to major transportation hubs and access to Manhattan’s downtown core.
Strong demand for residential and multifamily properties due to ongoing neighborhood revitalization.

118 Ridge Street benefits from the vibrant energy of the Lower East Side, making it a desirable location for tenants and investors alike.

Conclusion

The sale of 118 Ridge Street underscores Bob Knakal and his team’s ability to deliver superior outcomes for their clients. Through strategic marketing and market expertise, the team ensured the seller achieved maximum value while facilitating a smooth transaction.