Mixed-Use, Multifamily Walk-Up Property in East Village Sells for $5.825 Million

Successful Sale of 202 First Avenue and 411 East 12th Street in East Village, Manhattan

Bob Knakal and his team successfully closed the sale of 202 First Avenue and 411 East 12th Street, two mixed-use and multifamily buildings located in Manhattan's East Village. The property, which contained 28 units across two buildings, was sold for $5,825,000.

The sale process was seamless, with strategic insight and constant communication securing the best possible outcome for Jim Kinsey, the seller. Bob’s thorough understanding of the market, combined with his expertise in negotiation, helped Jim achieve favorable terms and a strong price for his properties.

Walk-Up Building Sales - For the complete list click here Walk Up Buildings

Sale Details

The transaction concluded with a sale price of $5,825,000, reflecting a price per square foot of $250.03. The buildings contained a total of 23,297 square feet, and the buyer was Steve Croman. The sale closed on December 23, 2003.

Sale Price: $5,825,000
Seller: Jim Kinsey (High-Net-Worth Individual)
Buyer: Steve Croman
Property Type: Mixed-Use, Multifamily (Walk-Up)
Sale Date: December 23, 2003
Units: 28
Neighborhood: East Village, Manhattan
Building Size: 23,297 SF
Price per SF: $250.03

Property Overview

Located in the vibrant East Village, 202 First Avenue and 411 East 12th Street offered both mixed-use and multifamily opportunities, making them highly sought after in a rapidly developing neighborhood. With 28 residential units and commercial space, the buildings attracted considerable interest from investors and developers.

The Client: A High-Net-Worth Individual Seeking Expert Guidance

Jim Kinsey, a high-net-worth individual, owned these two properties in the East Village. Although he was not actively involved in real estate transactions, he had maintained a strong relationship with Bob Knakal over the years. When Jim decided to sell the properties, he turned to Bob for advice.

With a history of providing valuable market insights, Bob ensured Jim’s interests were prioritized throughout the process. By leveraging his knowledge of the neighborhood and the market, Bob facilitated a smooth sale, helping Jim secure an advantageous price and favorable terms.

Market Strategy and Leverage

Bob’s strategy involved carefully assessing the current market conditions and generating interest from potential buyers through targeted outreach. With the East Village’s growing popularity, Bob understood the potential for higher offers and was able to negotiate effectively to secure the best deal for Jim.

Neighborhood Overview

The East Village is one of Manhattan’s most dynamic neighborhoods, offering:

A rich cultural history and vibrant arts scene
A highly desirable location for multifamily and mixed-use properties
Strong demand for real estate due to proximity to downtown Manhattan and key landmarks
Diverse retail and dining options contributing to the area's popularity

Conclusion

The sale of 202 First Avenue and 411 East 12th Street highlights Bob Knakal’s deep understanding of Manhattan's real estate market. Through strategic negotiation and consistent communication, Bob was able to secure a successful transaction that exceeded Jim Kinsey’s expectations.