Six-Story Educational Facility on 150 West 85th Street Sold for $28,000,000 in the Upper West Side, Manhattan

Successful Sale of 150 West 85th Street in the Upper West Side, Manhattan

Bob Knakal successfully facilitated the sale of 150 West 85th Street, a six-story educational facility located in Manhattan's Upper West Side, for $28,000,000. The property, previously occupied by Mannes College The New School for Music, presented unique challenges due to its overbuilt status and the seller's requirement for continued occupancy until August 2015.

Through a strategic marketing campaign targeting both developers and end-users, Knakal's team secured a buyer willing to meet the seller's terms, achieving a sale price that surpassed initial expectations.

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Sale Details

The property at 150 West 85th Street, situated between Columbus and Amsterdam Avenues, encompasses approximately 30,009 square feet of above-grade space, with an additional 6,142 square feet of usable basement area.

Despite being overbuilt by 3,709 square feet, which posed potential challenges for redevelopment, the building's prime location and exemption from historic district restrictions made it an attractive opportunity. The New School required free rent until their relocation in August 2015, adding complexity to the sale process.

Bob Knakal's team implemented a proactive marketing strategy, reaching out to active developers, investors, and the brokerage community to ensure maximum exposure.

This approach resulted in over 60 confidentiality agreements and more than 20 property tours within three months, culminating in a competitive bidding process.

The property was ultimately sold to Manhattan Country Day School for $28,000,000, equating to approximately $933 per square foot.

Sale Price: $28,000,000
Seller: The New School
Buyer: Manhattan Country Day School
Seller Type: Non-Profit
Property Type: Development, Educational Facility, Institutional, User
Sale Date: January 23, 2015

Property Details

150 West 85th Street is a historic institutional building located in the Upper West Side, a prime area for educational and cultural institutions. The 30,009-square-foot property was marketed as a to-be-vacant school building, making it particularly appealing to user buyers seeking a turnkey educational facility.

Full Address: 150 West 85th Street, New York, NY 10024
Zoning: Educational Facility, Institutional
Square Footage: 30,009 SF
Asset Class: Development, Educational Facility, Institutional, User
Price per SF: $933.05

Market Strategy and Competitive Positioning

Bob Knakal’s team recognized that the user market—specifically educational institutions—would be the primary buyers for the property. To maximize exposure, Bob leveraged his long-standing network and proactively engaged with the brokerage community, generating offers from multiple interested parties.

The marketing strategy emphasized the property’s institutional suitability, its prime Upper West Side location, and its turnkey potential for a school or similar user. Several offers came through brokers representing user buyers, highlighting the effectiveness of the outreach strategy in securing the best possible outcome for the seller.

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Results

Bob Knakal and his team implemented a comprehensive marketing campaign, reaching out to active developers, investors, and the brokerage community. Within three months, the property received over 60 confidentiality agreements and conducted more than 20 property tours. The competitive bidding process resulted in a final sale price of $28 million, equating to approximately $933 per square foot, and included favorable terms for The New School's continued occupancy.

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Neighborhood Overview

Proximity to Central Park: Offering easy access to one of New York City's most iconic green spaces.
Cultural Attractions: Near the American Museum of Natural History, providing rich educational opportunities.
Educational Hub: Surrounded by esteemed institutions, enhancing the area's academic environment.
Transportation Access: Conveniently located near the 1, B, and C subway lines, facilitating easy commutes.

Conclusion

The successful sale of 150 West 85th Street underscores Bob Knakal's expertise in navigating complex real estate transactions. By leveraging a comprehensive marketing strategy and understanding the unique attributes of the property, Knakal secured a favorable outcome for The New School, achieving a sale price that exceeded initial valuations and accommodating the seller's occupancy requirements.

Testimonial

"Bob Knakal and his team had just completed another sale transaction for us very successfully, so when it was time to sell our property on 85th Street, our choice of broker was not difficult. This property was a to-be-vacant school building, so the user market was a primary group of potential buyers. Therefore, Bob’s long-time practice of proactively engaging with the brokerage community was something that really resonated with us. The marketing program implemented by Bob’s team produced many offers from users, several of whom were represented by outside brokers. We feel this approach produced maximum exposure for our asset and, ultimately, the highest possible price."
— Roy P. Moskowitz, The New School

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