Successful Sale of 4101 & 4113 Broadway, Two Iconic Washington Heights Properties
Bob Knakal and his team successfully closed the sale of 4101 and 4113 Broadway, two of the tallest residential buildings in Washington Heights, Northern Manhattan.
The properties, spanning approximately 125,000 square feet with 125 rent-stabilized residential units and seven ground-floor commercial units, sold for $42,000,000.
The transaction was particularly challenging due to the unique shared mechanical systems and lease agreements with an adjacent church, but Bob’s expert marketing campaign and thorough understanding of the local market helped secure a sale price that exceeded the seller’s expectations.
Sale Details
The sale of 4101 & 4113 Broadway closed on March 3, 2015, for $42,000,000. Despite the property’s challenges, including the shared systems with the adjacent church and the large amount of vacant retail space, the team secured a 12% deposit and a 30-day closing, ensuring a smooth and secure transaction for the seller.
Sale Price: $42,000,000
Seller: Normandy Real Estate Partners, Candlebrook Properties
Buyer: Confidential
Seller Type: Private Owners
Property Type: Mixed-Use / Multifamily / Development Site
Sale Date: March 3,2015
Property Details
4101 & 4113 Broadway are two twelve-story, mixed-use elevator buildings located in Washington Heights. Together, they occupy the western blockfront of Broadway between West 173rd and West 174th Streets.
The buildings contain 125 residential units, all of which were rent-stabilized, and seven commercial retail units, five of which were vacant at the time of sale.
Additionally, the properties were connected to a church that shared a single boiler system and held a long-term lease on 27,000 square feet of below-grade space.
Full Address: 4101 & 4113 Broadway, Washington Heights, Northern Manhattan, NY
Zoning: Mixed-Use, Multifamily - Elevator
Property Type: Development Site / Mixed-Use / Multifamily
Sale Price: $42,000,000
Sale Date: March 3, 2015
The Challenge: Unique Property Structure and Underwriting Issues
One of the key challenges of this transaction was the unique nature of the property’s shared mechanical systems with an adjacent church.
The church not only had a long-term lease for below-grade space but also shared the boiler system, which complicated the sale.
Furthermore, with five vacant retail units and short-term leases in place for the remaining spaces, the lack of steady income made the properties difficult to underwrite for many potential buyers.
Strategic Marketing and Results
Bob Knakal and his team were selected by Normandy Real Estate Partners and Candlebrook Properties after a thorough vetting process.
The team’s deep knowledge of the local market and extensive experience with mixed-use elevator buildings allowed them to provide a comprehensive marketing strategy. This included highlighting the potential upside through retail repositioning, rent stabilization turnover, and the ability to add bedrooms to the oversized units.
The marketing campaign resulted in over 75 property tours and 25 competitive offers, pushing the final sale price above expectations. The properties ultimately sold for $42,000,000, a figure that exceeded the team’s initial BOV by $1,500,000.
Neighborhood Overview
Washington Heights, in Northern Manhattan, is a highly desirable residential neighborhood.
Key features:
- Diverse community.
- Proximity to public transportation.
- Growing popularity of the retail corridor along Broadway.
Sale of 4101 & 4113 Broadway:
- Attracted strong competition despite complexities:
- Rent-stabilized units.
- Unique church lease.
- Driven by demand for repositioning opportunities and residential growth in the area.
Conclusion
The sale of 4101 & 4113 Broadway is an example of Bob Knakal’s ability to overcome complex property challenges and deliver top-tier results for his clients.
Through a competitive bidding process and expert market analysis, the team was able to secure a price that exceeded the seller’s expectations by over $1,500,000, further solidifying Bob’s reputation as a leader in the New York City real estate market.
Testimonial
Here is what the seller had to say about the transaction:
“Bob Knakal and Rob Shapiro really hit the ball out of the park for us on this transaction. They were able to generate dozens of offers from a variety of different types of buyers, including investors from overseas. Additionally, they stayed on top of the marketing process every step of the way from due diligence to contract signing to closing. Ultimately, we sold the property at a level above what we had expected. We would happily recommend Bob and Rob to other potential sellers.”
– Gavin Evans, Normandy Real Estate Partners
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