Successful Sale of 151 East 60th Street in Lenox Hill, Upper East Side, Manhattan
Bob Knakal successfully closed the sale of a small but crucial 20-foot-wide building at 151 East 60th Street, a key component of what would become one of New York City’s premier development sites. Owned by Charlie Ackerman, who ran the Subway Inn bar and restaurant, this property played a pivotal role in the assembly of a 283,000-square-foot development site.
The deal, which totaled $1,387,500 for Ackerman’s property, illustrates the importance of persistence and relationship building in real estate.
Sale Details
The 151 East 60th Street property sold for $1,387,500, contributing to the assembly of a 283,000-square-foot development site.
This eventual sale, as part of a larger deal, represented a significant victory for both World Wide Group and Bob Knakal, showcasing the importance of dedication and perseverance in real estate.
Sale Price: $1,387,500
Seller: Charlie Ackerman
Buyer: World Wide Group (David Lowenfeld)
Seller Type: Private Owner, Small Business
Property Type: Mixed-Use, Development
Sale Date: August 3, 1998
Property Details
The building at 151 East 60th Street was part of a larger assemblage of seven different properties, all owned by separate parties.
The site’s ultimate value was realized as part of a masterfully assembled development opportunity, spearheaded by World Wide Group. The property was located in Lenox Hill, an Upper East Side neighborhood known for its high-end development potential.
Full Address: 151 East 60th Street, New York, NY 10022
Zoning: Mixed-Use
Property Type: Development Site
Lot Size: 20-foot-wide parcel (part of a larger 200-foot-wide site)
The Story Behind the Sale
Bob Knakal’s relationship with Charlie Ackerman, the owner of the Subway Inn, exemplifies the grit and determination required to close complex real estate deals. For many years, Charlie expressed a desire to sell his property, and Bob had prepared several Broker Opinion of Value (BOV) reports for him. Despite this, getting Charlie to list the property was a long and challenging process.
One memorable meeting saw Bob delivering a marketing proposal in the back kitchen of the Subway Inn, while Charlie flipped burgers for customers. Despite the chaotic circumstances of this presentation (which left Bob’s tie covered in grease), Charlie remained reluctant to officially list his property for sale.
World Wide Group, led by David Lowenfeld and James Stanton, ultimately purchased Ackerman’s property, as well as six other adjacent parcels, to create a spectacular 200-foot-wide development site. The site contained 283,000 buildable square feet, making it one of the largest development sites assembled in Lenox Hill at the time.
Persistence Pays Off
After assembling the entire site, World Wide Group initially considered selling the development opportunity off-market. For over a year, Bob Knakal persistently called David Lowenfeld, updating him on other high-profile sales and reminding him of the potential value of their assembled site. Bob’s repeated outreach eventually convinced Lowenfeld to retain him for the sale.
Once retained, Bob and his team sent out a targeted marketing blast and reached out to the most logical prospects. Within the first meeting, they had secured a deal for $300 million—highlighting the power of persistence and Bob’s deep knowledge of the market.
Neighborhood Overview
Lenox Hill and the Upper East Side are highly sought-after for high-end development opportunities.
Key trends in the area:
- Increasing demand for large-scale, mixed-use projects.
- Assemblage of multiple properties to create cohesive development sites.
Sale of 151 East 60th Street:
- Crucial in assembling one of Manhattan’s most coveted development sites.
- Contributed to a total assemblage sale price of $300 million.
- Demonstrates the immense value of prime-location projects.
Conclusion
The sale of 151 East 60th Street highlights the importance of persistence and relationship-building in real estate. Bob Knakal’s long-term engagement with Charlie Ackerman and his unyielding efforts to stay in touch with World Wide Group resulted in the successful assembly and sale of one of the largest development sites in Lenox Hill. This deal underscores the power of patience, tenacity, and trust in closing complex deals.
Testimonial
“We had assembled this world-class site over many years through a disciplined acquisition process. When we decided to sell it, we decided to go through a similarly disciplined disposition process. We selected Bob Knakal and his team because we were convinced that they could achieve full value and a smooth closing. We were impressed with their ability to get the asset in front of a broad audience of qualified buyers to quickly identify the lead candidates, and to efficiently advance the deal from conceptual agreement to closing. We would be happy to work with Bob and his colleagues again.”
– David Lowenfeld, World Wide Group
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