Non-Profit Sells Cultural Property at 15 East 84th Street in Upper East Side, Manhattan for $18.75M

Successful Sale of 15 East 84th Street in Upper East Side, Manhattan

Bob Knakal and his team successfully closed the sale of 15 East 84th Street, a significant civic and cultural property, to the Eleanor White Museum. This transaction, which closed on July 21, 2004, achieved a sale price of $18,750,000. The seller, the American Jewish Congress, was looking for a buyer that could best utilize the property’s potential for cultural purposes. With Bob's expert guidance, the deal secured the optimal outcome for the seller.

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Sale Details

The sale of 15 East 84th Street was finalized with a price of $18,750,000. The deal was structured to benefit the seller with an efficient closing process, demonstrating Bob Knakal’s strategic approach and understanding of the market. The American Jewish Congress was seeking a buyer who could utilize the building’s potential for cultural and civic purposes, and Bob identified Eleanor White Museum as the ideal buyer.

Sale Price: $18,750,000
Seller: American Jewish Congress
Buyer: Eleanor White Museum
Seller Type: Non-Profit
Property Type: Civic, Cultural, Public Assemblage, User
Sale Date: July 21, 2004
Building Size: 27,000 SF
Price per SF: $694.44
Units: 1

Property Details

Located at 15 East 84th Street in the heart of the Upper East Side, this property was a perfect fit for a cultural institution like the Eleanor White Museum. The American Jewish Congress, a non-profit, sought to transition the property to a buyer who would preserve its legacy while contributing to the cultural landscape of the area.

Full Address: 15 East 84th Street, New York, NY 10028
Zoning: Civic, Cultural, Public Assemblage
Lot Size: N/A
Stories: N/A
SF/BSF: 27,000
Building Type: Cultural, Civic Property

The Client: A Non-Profit Seeking a Strategic Sale

The American Jewish Congress had long owned the property at 15 East 84th Street and needed an experienced real estate partner to help them secure the right buyer. Bob Knakal had developed a strong working relationship with the organization over the years and was familiar with the property’s significance. Upon the decision to sell, Bob’s expertise led to the identification of a museum as the perfect fit for the building.

The initial offers came from various buyers, but Bob knew that a user buyer, someone who would honor the property’s cultural significance, would be the ideal candidate. His recommendation to focus on this type of buyer proved to be the right strategy.

Neighborhood Overview

Upper East Side: Known for its prestigious cultural institutions, museums, and elegant residential properties.
Proximity to Central Park: A prime location for cultural and civic uses.
Strong Market for Cultural Properties: Demand for civic and public-use properties remains steady in this highly sought-after neighborhood.

Conclusion

The sale of 15 East 84th Street highlights Bob Knakal’s ability to match properties with the perfect buyers, especially for unique civic and cultural assets. His understanding of the market, strategic thinking, and long-term relationship-building with clients made this transaction a successful one, resulting in a seamless process and a favorable outcome for the American Jewish Congress.

Testimonial

“Bob, on behalf of myself and the Board of American Jewish Congress, we would like to thank you for doing such a great job representing us on the sale of 15 East 84th Street. You told us from the start that a user buyer would be the optimal buyer for us and you were not only correct, but you found the perfect buyer for our building. Thanks again for a job extraordinarily well done!”
– Jack Rosen, American Jewish Congress