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Strategic Sale of the Broadway West Portfolio in Hamilton Heights & Washington Heights
Bob Knakal and his team successfully closed the sale of the Broadway West Portfolio, a seven-building multifamily and mixed-use portfolio located along the Broadway corridor in Hamilton Heights and Washington Heights. The portfolio, consisting of 361 residential and 28 commercial units, was sold for $62,250,000.
Despite strong demand for this asset type, the sale posed challenges due to the complexities of the ownership structure and the need for a rapid closing. Through targeted marketing and strategic buyer selection, Bob and his team secured a deal that met all financial and timing objectives.
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Sale Details
The Broadway West Portfolio sale required careful navigation of ownership dynamics while ensuring an efficient transaction process. Bob and his team identified buyers capable of closing on an all-equity basis, ultimately securing an agreement that met the seller's pricing and timing needs.
- Sale Price: $62,250,000
- Property Type: Mixed-Use, Multifamily - Elevator, Portfolio
- Sale Date: February 17, 2012
- Buildings: 7
- Total Square Footage: 434,605 SF
- Price per SF: $143.23
- Total Units: 389
Property Overview
The Broadway West Portfolio was a collection of corner-lot buildings strategically located along Broadway in Hamilton Heights and Washington Heights. The portfolio featured a mix of residential and retail spaces, making it a highly desirable investment.
- Addresses:
- 3421 Broadway (Mixed-Use)
- 610 West 157th Street
- 3851 Broadway (Mixed-Use)
- 559 West 164th Street
- 4141 Broadway (Mixed-Use)
- 4151 Broadway (Mixed-Use)
- 4180 Broadway (Mixed-Use)
The prime location and mix of uses contributed to the strong investor interest, but ownership complexities required strategic structuring of the sale.
Overcoming Challenges Through Market Strategy
Bob Knakal and his team were hired to navigate the sale of this sizable portfolio under strict timing constraints. The ownership group faced internal pressures that required a swift resolution, adding complexity to the deal.
Bob and his team took the following actions:
- Identified qualified buyers with the ability to close on an all-equity basis.
- Launched an aggressive marketing campaign to generate competitive interest.
- Secured signed contracts on two occasions, providing flexibility for the seller.
- Structured the deal to allow an existing owner to retain a stake in the portfolio, facilitating a seamless transition.
Through this strategic approach, the team ensured that the seller achieved the best possible terms while adhering to strict deadlines.
Neighborhood Overview
The Broadway West Portfolio’s location in Hamilton Heights and Washington Heights made it a prime investment due to:
- Proximity to major transit hubs – Easy access to subway lines and bus routes.
- Strong demand for multifamily properties – A high-rent growth area with consistent tenant demand.
- Vibrant retail corridors – Broadway’s commercial spaces attract strong foot traffic and retail tenants.
- Institutional investment interest – Northern Manhattan has been a target for large-scale investors seeking mixed-use and residential properties.
Conclusion
The sale of the Broadway West Portfolio showcases Bob Knakal’s expertise in handling complex ownership structures and executing high-value transactions under tight deadlines. By leveraging market knowledge and a targeted approach, the team successfully closed the $62.25M deal within six weeks, demonstrating their ability to navigate even the most challenging sales.
Testimonial
"Bob Knakal was able to market and complete the sale of our portfolio in Washington Heights all in under three months while hitting our objectives for terms and price. It was a herculean task made to look simple."
– Richard Mack, AREA Property Partners
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