Six-Story Elevator Apartment Building at 312 East 85th Street in Yorkville NYC Sells for $10,750,000

Successful Sale of 312 East 85th Street in Yorkville, Manhattan

Bob Knakal successfully closed the sale of 312 East 85th Street, a six-story elevator apartment building in the Yorkville section of Manhattan’s Upper East Side. The 26-unit property presented a prime investment opportunity in a neighborhood known for its strong rental demand and accessibility.

The transaction, which closed at $10,750,000, reflected the continued appeal of elevator buildings in this location. Bob’s market insights and strategic positioning ensured a competitive sale, achieving favorable terms for the seller.

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Sale Details

The sale of 312 East 85th Street marked a key moment for the seller, who sought to maximize value in a thriving rental market. The six-story, 26-unit property, spanning 13,868 square feet, commanded a price of $775.17 per square foot.

Sale Price: $10,750,000
Property Type: Multifamily – Elevator
Sale Date: December 7, 2017
Stories: 6
Units: 26
Building Size: 13,868 SF
Lot Size: 2,860 SF
Price Per SF: $775.17

Property Details

Situated in the heart of Yorkville, 312 East 85th Street featured an elevator-serviced layout that added to its appeal for investors. The property provided long-term rental stability in a well-established neighborhood, benefiting from its proximity to major transit options and local amenities.

The seller initially explored multiple options before engaging Bob Knakal, who identified strong investor interest in the area. By leveraging his network and understanding of Upper East Side market dynamics, Bob positioned the asset for optimal pricing and terms.

Full Address: 312 East 85th Street, New York, NY 10028
Neighborhood: Yorkville, Upper East Side
Property Type: Multifamily – Elevator
Building Size: 13,868 SF
Lot Size: 2,860 SF
Stories: 6
Units: 26

Market Strategy and Leverage

Bob Knakal’s approach to this sale involved:

Identifying strong investor demand for elevator apartment buildings in Yorkville.
Showcasing the property’s income-generating potential.
Leveraging market conditions to secure a competitive offer.

This strategic positioning ensured a seamless transaction while maximizing the seller’s return.

Neighborhood Overview

312 East 85th Street is located in Yorkville, a prime section of the Upper East Side known for:

Convenient Transit Access: Close proximity to the Q subway line and major bus routes.
Thriving Residential Market: Strong demand for rental housing and investment properties.
Established Community: Home to parks, restaurants, and cultural institutions.
Desirable Property Type: Elevator buildings in this area are highly sought after by investors.

Conclusion

The sale of 312 East 85th Street demonstrates Bob Knakal’s expertise in navigating the Upper East Side’s competitive real estate landscape. Through targeted marketing and strategic negotiation, Bob achieved a strong outcome for the seller, reinforcing the continued demand for well-located elevator buildings in Yorkville.