Portman Family Sells Multifamily-Elevator Portfolio in West Village and Upper East Side for $55M

Successful Sale of the Portman Portfolio in Manhattan’s West Village and Upper East Side

Bob Knakal and his team have facilitated the sale of the Portman Portfolio, a multifamily elevator property spanning two prime Manhattan neighborhoods—West Village and Upper East Side. The sale, finalized on March 8, 2006, achieved a price of $55,000,000 for the seller, Joanne Portman and her family.

This transaction highlights Bob Knakal’s expertise in portfolio sales and strategic negotiations, which resulted in securing an excellent price and favorable terms for the seller.

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Sale Details

Bob Knakal and his team worked diligently to manage the complexities of the Portman Portfolio sale, which included two multifamily elevator buildings located in sought-after neighborhoods. Their expertise ensured that the seller, Joanne Portman, received the best possible terms.

Sale Price: $55,000,000
Seller: Joanne Portman, Portman Family
Buyer: Heller Realty, Ben Heller
Asset Class: Multifamily - Elevator, Portfolio
Neighborhoods: West Village and Upper East Side
Sale Date: March 8, 2006

Property Details

The Portman Portfolio featured two multifamily properties with a total of 182 residential units and 141,347 square feet. The sale achieved a price of $389.11 per square foot.

Addresses:

330 East 63rd Street (aka 322-34 East 63rd Street): Located in the Upper East Side, this building offered significant upside potential in a premier residential area.
780 Greenwich Street (aka 772-84 Greenwich Street): Situated in the heart of the West Village, this property appealed to buyers looking for stable multifamily investments in a vibrant community.

Portfolio Highlights:

Lot Size: Two buildings
Stories: Multifamily elevator properties
Units: 182

The Seller: A High-Net-Worth Family Seeking Expert Representation

Joanne Portman and her family, longtime owners of the portfolio, approached Bob Knakal and his team for their proven ability to navigate Manhattan’s competitive multifamily market. With their guidance, the Portman family successfully secured a deal that met their financial goals.

Market Strategy and Leverage

Bob Knakal employed a comprehensive marketing strategy, targeting multifamily investors and real estate developers across New York City. By leveraging the unique attributes of each property in the portfolio and their prime neighborhood locations, the team generated competitive interest, leading to a sale price that exceeded initial expectations.

Neighborhood Overview

West Village:some text
- Known for its charming streets, boutique shopping, and cultural landmarks.
- A desirable neighborhood for multifamily investments due to its vibrant community and strong tenant demand.
Upper East Side:some text
- Renowned for its upscale residential appeal and proximity to Central Park.
- A steady market for high-end multifamily properties.

Conclusion

The $55 million sale of the Portman Portfolio demonstrates Bob Knakal’s ability to provide exceptional value to his clients. By combining his deep market knowledge with a tailored approach, Bob successfully guided the Portman family through a complex transaction, securing the best possible outcome.