Landmark Sale of 300 & 310 Wadsworth Avenue in Washington Heights
Bob Knakal and his team completed the sale of 300 & 310 Wadsworth Avenue, a multifamily elevator portfolio in Washington Heights. The property was sold by Newcastle Realty Services, an institutional owner, to Ari Paul of RCR Management for $36,000,000.
This sale highlights the strength of Northern Manhattan’s multifamily market and demonstrates Bob Knakal’s expertise in negotiating competitive outcomes for clients.
Sale Details
Bob Knakal’s strategic guidance ensured that Newcastle Realty Services, a leading institutional owner, secured the best possible terms for their property. The sale price of $36 million reflects a robust valuation for the portfolio’s 191 units, which span 159,745 square feet.
Key Terms:
- Sale Price: $36,000,000
- Seller: Brian Ritter, Newcastle Realty Services
- Buyer: Ari Paul, RCR Management
- Property Type: Multifamily – Elevator
- Sale Date: September 9, 2014
The transaction showcased the competitive nature of the Washington Heights real estate market, where demand for multifamily assets continues to grow.
Property Details
The properties, located at 300 & 310 Wadsworth Avenue, represent a substantial multifamily elevator portfolio in Northern Manhattan. Spanning a total of 159,745 square feet, the two buildings house 191 residential units.
- Neighborhood: Washington Heights, Northern Manhattan
- Asset Class: Multifamily – Elevator
- Buildings: Two (300 & 310 Wadsworth Avenue)
- Total Units: 191
- Total SF: 159,745
- Price per SF: $225.36
The portfolio’s size and location, combined with its stable cash flow potential, attracted significant buyer interest.
Market Strategy and Negotiation
Bob Knakal’s team employed a meticulous marketing strategy, leveraging their deep knowledge of the multifamily market in Northern Manhattan. By targeting key buyers and presenting the portfolio’s value proposition effectively, they secured an offer that exceeded client expectations.
Their approach emphasized the property’s high-quality construction, strong tenant base, and desirable location in Washington Heights.
Neighborhood Overview
Washington Heights offers:
- Proximity to major institutions: Near Columbia University Medical Center and NewYork-Presbyterian Hospital.
- Vibrant community: Known for its rich cultural heritage and dynamic local businesses.
- Strong transportation access: Easy connectivity to Midtown Manhattan via multiple subway lines and bridges.
- Residential appeal: High demand for well-maintained multifamily properties.
Conclusion
The sale of 300 & 310 Wadsworth Avenue underscores Bob Knakal’s ability to secure exceptional outcomes for institutional clients. By combining expert negotiation with a targeted marketing approach, the team delivered a strong result for Newcastle Realty Services.
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