Successful Sale of 248-250 East 60th Street
Bob Knakal successfully closed the sale of 248-250 East 60th Street, a retail and development property owned by Harry Macklowe of Macklowe Properties. The sale, finalized on September 21, 2005, fetched $11,750,000, exceeding Macklowe's initial price expectations.
The property was sold to Peter Fine of Atlantic Development, an experienced affordable housing developer, after a competitive bidding process created by Bob’s strategic marketing.
Sale Details
- Sale Price: $11,750,000
- Seller: Harry Macklowe (Macklowe Properties)
- Buyer: Peter Fine (Atlantic Development)
- Seller Type: High Net Worth Individual (HNW)
- Property Type: Development Site, Retail
- Sale Date: September 21, 2005
Property Overview
Located at 248-250 East 60th Street, the site was a one-story retail property situated in a prime Manhattan location near the Roosevelt Island Tramway Station. Its strategic location and potential for development into affordable housing made it highly attractive to developers.
- Full Address: 248-250 East 60th Street, New York, NY
- Zoning: Development Site, Retail
- Neighborhood Highlights: Close to the Roosevelt Island Tramway and vibrant commercial hubs.
Client Relationship
This transaction highlights Bob Knakal’s dedication to building long-term relationships. Bob cold-called Harry Macklowe consistently for over two years before gaining an opportunity to work together.
When Harry finally decided to sell the 60th Street property, his first call was to Bob, who had been discussing its potential value for years. Bob’s market insights and determination ensured Harry secured the best possible deal.
Market Strategy and Execution
Bob’s approach focused on leveraging market knowledge and creating competition:
- Targeted outreach to active affordable housing developers in Manhattan.
- Generated over 20 competitive offers within weeks of listing.
- Negotiated a final price of $11,750,000, significantly higher than the $10 million Harry initially considered.
This result exemplifies Bob’s ability to exceed client expectations by leveraging his expertise and fostering competition.
Neighborhood Overview
The Upper East Side location offers excellent connectivity and access to amenities:
- Proximity to the Roosevelt Island Tramway Station.
- Strong demand for development opportunities in this prestigious neighborhood.
- Vibrant commercial and residential mix.
Conclusion
The sale of 248-250 East 60th Street underscores the value of perseverance, market knowledge, and strategic negotiation. Bob Knakal’s commitment to client success ensured Harry Macklowe achieved an outstanding result, setting a benchmark for high-value transactions in Manhattan’s competitive real estate market.
Testimonial
"Bob Knakal called me for years about this site. When it was time to sell, who else was I going to call? Bob is a true professional."
— Harry Macklowe, Macklowe Properties
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