Seven-Building Multifamily Elevator Portfolio Sells Across Midtown and Upper East Side for $179,000,000

Successful Sale of Eastside Multifamily Elevator Portfolio Across Manhattan

Bob Knakal successfully closed the $179 million sale of a seven-building multifamily elevator portfolio across Midtown and the Upper East Side, owned by Macklowe Properties. The portfolio’s strategic location and diverse asset mix made it highly desirable, with a total of 362 units and 372,393 square feet of residential space.

This landmark transaction highlights Bob’s ability to achieve top-tier results for his clients by leveraging his in-depth market knowledge and negotiation skills.

Elevator Building Sales - For the complete list click here Elevator Buildings

Sale Details

The sale was finalized on April 26, 2004, at a price of $179,000,000. The transaction involved seven elevator buildings totaling 372,393 square feet, with a per-square-foot price of $480.67. The portfolio included a mix of multifamily buildings with 362 units, spread across some of Manhattan’s most desirable neighborhoods.

Portfolio Highlights:

Total Price: $179,000,000
Total Buildings: 7
Total Units: 362
Total Square Feet: 372,393 SF
Price per Square Foot: $480.67

Property Details

The Eastside Portfolio consisted of seven multifamily elevator buildings, with properties located in both Midtown and the Upper East Side. Notable addresses include:

192-194 East 75th Street
25 East 67th Street (also known as 800 Madison Avenue)
3 East 66th Street
30 East 68th Street
30 East End Avenue
345 East 64th Street
40 West 55th Street

The buildings featured a mix of luxury apartments, spacious layouts, and high-demand locations near key Manhattan landmarks.

Market Strategy and Approach

Bob Knakal’s strategy included extensive outreach to potential buyers, emphasizing the portfolio’s value as a multifamily elevator asset with significant income potential. By highlighting the prime locations and high-quality construction of the buildings, Bob was able to secure a competitive bidding process that resulted in a strong outcome for the seller.

Neighborhood Overview

Midtown:
- Proximity to corporate offices and iconic landmarks like Rockefeller Center and Central Park.
- Thriving retail and dining options.
Upper East Side:
- Known for its tree-lined streets and luxury residences.
- Access to cultural institutions such as the Metropolitan Museum of Art.

Conclusion

The $179 million sale of the Eastside Portfolio underscores Bob Knakal’s expertise in navigating complex, high-value transactions. His ability to identify and communicate the intrinsic value of multifamily assets across prime Manhattan neighborhoods delivered a highly successful outcome for the seller.

This transaction exemplifies Bob’s commitment to delivering outstanding results and his unparalleled understanding of the Manhattan real estate market.