Successful Sale of The New Manhattan Portfolio Across Hamilton Heights, Inwood, and Upper East Side
Bob Knakal successfully closed the sale of The New Manhattan Portfolio, a multifamily walk-up portfolio, on September 24, 2014. The portfolio, owned by RE Management’s Michael Kessner, sold for $55,125,000 to AD Real Estate Investors. This strategic sale involved 12 buildings across prime locations in Manhattan, including Hamilton Heights, Inwood, and the Upper East Side, with a total of 211 units.
Bob’s expertise in the multifamily market and his deep understanding of the neighborhoods involved played a key role in securing this profitable transaction.
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Sale Details
The total sale price of $55,125,000 reflects a price per square foot of $389.58, based on a total building size of 141,500 square feet. Bob’s diligent marketing and negotiation efforts ensured that the sale met the seller’s objectives while aligning with the buyer’s investment strategy.
- Sale Price: $55,125,000
- Property Address: The New Manhattan Portfolio, including 1771-1775 First Avenue, 149 & 157 Vermilyea Avenue, 15 & 17 Arden Street, 506-510 West 150th Street, 508-512 West 158th Street
- Seller: RE Management, Michael Kessner
- Buyer: AD Real Estate Investors
- Property Type: Multifamily - Walk-Up, Portfolio
- Sale Date: September 24, 2014
- Building Size: 141,500 SF
- Price per SF: $389.58
- Units: 211
Property Details
The New Manhattan Portfolio consists of 12 multifamily walk-up buildings spread across diverse neighborhoods, including Hamilton Heights, Inwood, and the Upper East Side. The total portfolio spans 141,500 square feet and includes 211 residential units, providing significant rental income potential for the buyer. These buildings are located in growing areas of Manhattan, making them highly attractive to investors looking for stable, long-term returns.
Market Strategy and Leverage
Bob Knakal’s approach involved highlighting the value of the portfolio’s diverse locations in Manhattan, each with its own growth potential. By marketing the portfolio to a range of buyers with varying investment goals, Bob was able to secure the best terms for the seller and maximize the overall sale price.
Neighborhood Overview
The portfolio covers key areas of Northern Manhattan and the Upper East Side, each with unique characteristics:
- Hamilton Heights: Emerging neighborhood with revitalized properties and strong demand from renters
- Inwood: Growing community with proximity to parks, schools, and transportation options
- Upper East Side: Established, upscale area with access to cultural amenities and a strong rental market
- Strong interest in multifamily properties in all three areas due to ongoing neighborhood development and gentrification
Conclusion
The sale of The New Manhattan Portfolio showcases Bob Knakal’s ability to handle large, complex transactions. By leveraging his market expertise and deep understanding of the multifamily market, Bob secured a significant deal that benefited both the seller and the buyer.
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