Multifamily Elevator Buildings 119-25 Madison Avenue & 27-29 East 30th Street in NoMad, Manhattan Sold for $18.25M

Successful Sale of 119-25 Madison Avenue & 27-29 East 30th Street in NoMad, Manhattan

Bob Knakal and his team successfully facilitated the sale of 119-25 Madison Avenue & 27-29 East 30th Street, two multifamily elevator buildings in NoMad. The leasehold transaction, valued at $18,250,000, marked a significant achievement in a competitive market.

Located in one of Manhattan’s most dynamic neighborhoods, the properties feature a total of 134 residential units across two buildings, standing at 12 and 7 stories, respectively. The sale showcased the continued demand for well-located multifamily assets in NoMad, an area known for its blend of historic charm and modern development.

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Sale Details

Bob Knakal’s team leveraged extensive market knowledge and strategic outreach to ensure the best possible terms for the transaction. The buyer, recognizing the long-term value of the asset, secured the leasehold rights for $18.25 million.

Sale Price: $18,250,000
Asset Class: Leasehold, Multifamily – Elevator
Sale Date: November 5, 2012
Total Units: 134
Stories: 12, 7
Total SF/BSF: 150,000
Price per SF/BSF: $121.67
Location: NoMad, Manhattan

The transaction reflects the strength of the NoMad market, where demand for centrally located residential properties remains high.

Property Details

The properties at 119-25 Madison Avenue & 27-29 East 30th Street are prime multifamily assets in the heart of NoMad. Offering 134 units across two elevator buildings, the structures stand out for their architectural character and convenient location.

Building Type: Multifamily – Elevator
Number of Buildings: 2
Stories: 12 and 7
Address: 119-25 Madison Avenue & 27-29 East 30th Street, New York, NY
Neighborhood: NoMad, Manhattan

Situated in a neighborhood experiencing continued growth, these properties presented an attractive investment opportunity with strong rental demand.

Market Strategy and Competitive Positioning

Bob Knakal’s approach to the transaction included:

Targeted outreach to investors focused on long-term leasehold opportunities.
Market positioning that highlighted the property's prime NoMad location and strong residential appeal.
Competitive bidding process that ensured the best possible price and terms.

By emphasizing the long-term potential of the asset, Bob’s team successfully positioned the properties to attract the right buyer and achieve optimal results.

Neighborhood Overview

NoMad is one of Manhattan’s most sought-after neighborhoods, known for its mix of historic architecture, luxury residences, and a thriving commercial scene.

Prime Location: Between Madison Square Park and Midtown, offering accessibility and prestige.
Historic & Modern Appeal: Blend of prewar buildings and contemporary developments.
Vibrant Real Estate Market: Strong demand for residential, hospitality, and office space.

With continued investment and development in the area, NoMad remains a top choice for multifamily investors.

Conclusion

The successful sale of 119-25 Madison Avenue & 27-29 East 30th Street highlights Bob Knakal’s expertise in navigating complex transactions and securing strong outcomes for property owners. Through strategic positioning and market insight, Bob and his team facilitated a transaction that maximized value in one of Manhattan’s most dynamic real estate markets.