Successful Sale of 959 First Avenue in the Upper East Side, Manhattan
Bob Knakal and his team successfully arranged the sale of 959 First Avenue, a three-lot development site located in Manhattan’s Upper East Side. The transaction, which closed on December 28, 2012, was structured as a note sale and traded for $37 million.
This prime development site offered 75,000 buildable square feet, making it a rare opportunity in a neighborhood known for its strong residential demand. The site’s strategic location and zoning potential attracted significant interest, ultimately leading to a successful closing.
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Sale Details
The sale of 959 First Avenue was executed as a note sale, a structured transaction that allowed for an efficient closing process. Given the property’s Upper East Side location, three-lot footprint, and development potential, it presented an attractive opportunity for investment.
- Sale Price: $37,000,000
- Asset Class: Development, Note Sale
- Property Type: Development Site
- Size: 75,000 Buildable Square Feet
- Price Per Buildable Square Foot: $493.33
- Buildings on Site: 3
- Transaction Type: Note Sale
- Date Closed: December 28, 2012
Property Details
The three-lot site at 959 First Avenue was a valuable asset in the Upper East Side’s evolving development landscape. Positioned near high-end residential buildings and close to major transit options, the site was well-suited for future luxury development.
The transaction involved navigating the complexities of a note sale while ensuring a competitive outcome. Bob Knakal’s expertise in structuring deals and identifying the right buyer played a crucial role in maximizing value.
- Full Address: 959 First Avenue, New York, NY 10022
- Neighborhood: Upper East Side
- Lot Configuration: Three interconnected lots
- Development Potential: Prime residential opportunity with high buildable square footage
Market Strategy and Competitive Edge
Bob Knakal’s strategy involved leveraging Upper East Side’s strong residential demand and presenting the site as an opportunity for future development. Given the nature of a note sale, securing the right buyer was crucial.
By highlighting the property’s prime location and buildable potential, the team positioned it as a compelling opportunity in a market where new development sites were scarce.
Neighborhood Overview
- Prestigious location: The Upper East Side is one of Manhattan’s most desirable residential neighborhoods, known for luxury living and strong demand.
- Proximity to major destinations:
- Steps from the East River
- Close to high-end residential buildings and future developments
- Near major transportation hubs and commercial corridors
- Development appeal: The area continues to attract investors looking for prime development opportunities.
Conclusion
The successful sale of 959 First Avenue for $37 million underscores Bob Knakal’s expertise in handling complex transactions and securing competitive outcomes. The property’s prime Upper East Side location and significant development potential made it a highly sought-after asset, and the structured note sale approach ensured an efficient closing process.
Bob’s deep market knowledge and ability to navigate strategic sales continue to deliver strong results for property owners seeking to maximize value.
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