Multifamily Walk-Up Building on Amsterdam Avenue Sells for $4.3 Million in Washington Heights, NYC

‍Successful Sale of 1973-77 Amsterdam Avenue in Washington Heights, Manhattan

‍Bob Knakal successfully closed the sale of 1973-77 Amsterdam Avenue, a multifamily walk-up building located in the thriving Washington Heights neighborhood of Northern Manhattan.
The sale price was $4,300,000, a strong outcome for the seller, Gregory L., who had owned the property under the entity AP-Amsterdam 1973 Amsterdam LLC. The property consisted of 32 residential units and was sold to Morningside Heights SN LLC, led by Gili Haberberg.

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Sale Details

‍The transaction involved the sale of a multifamily walk-up building at 1973-77 Amsterdam Avenue. The final sale price was $4.3 million, reflecting the value of the well-located property and its 32 residential units. Bob Knakal’s guidance throughout the process helped secure favorable terms for the seller, ensuring a smooth and profitable sale.
Sale Price: $4,300,000
Property Type: Multifamily - Walk-Up
Sale Date: April 13, 2011
Units: 32
Price per SF: $186.79
Lot Size: Not specified
Stories: Not specified

Property Details

‍The building at 1973-77 Amsterdam Avenue is a classic walk-up structure located in Washington Heights, a well-established neighborhood in Northern Manhattan. With 32 residential units and a total of 23,020 square feet, the building offers strong rental potential in one of the city’s up-and-coming areas. The building's multifamily configuration and its central location made it an attractive asset for both investors and developers.
Full Address: 1973-77 Amsterdam Avenue, New York, NY
Asset Class: Multifamily - Walk-Up
Neighborhood: Washington Heights
Borough: Northern Manhattan
Building Type: Walk-Up
Total SF: 23,020

Market Strategy and Leverage

‍Bob Knakal's strategy for this sale focused on maximizing the building’s value by targeting the right buyers and utilizing his knowledge of the Washington Heights market. His expertise in the multifamily sector allowed him to advise the seller on the best approach for marketing and negotiating the sale, ultimately resulting in a strong price and terms.
The competitive nature of the Washington Heights rental market, coupled with the building’s desirable location, made it a sought-after asset.

Neighborhood Overview

Located in Northern Manhattan, Washington Heights is known for its vibrant community and growing real estate market.
The area offers a mix of residential, retail, and cultural spaces.
Washington Heights is a historic neighborhood, often attracting residents seeking more affordable living options compared to other Manhattan areas.
The neighborhood is well-served by public transportation, making it an appealing location for renters and investors alike.

Conclusion

‍The sale of 1973-77 Amsterdam Avenue is a testament to Bob Knakal's deep knowledge of the Washington Heights real estate market. His strategic approach to marketing and negotiation led to a successful sale for the property owner, securing a competitive price and terms in a high-demand neighborhood.
This transaction highlights Bob’s ability to navigate complex deals and deliver favorable results for his clients in New York City's multifamily market.