Upper East Side Walk-Up Multifamily Property at 409 East 87th Street in Yorkville NYC Sold for $6.7 Million

Successful Sale of 409 East 87th Street, Upper East Side, Manhattan

Bob Knakal and his team successfully facilitated the sale of 409 East 87th Street, a multifamily walk-up building in the highly desirable Upper East Side. The property, owned by Harry Chernoff of HMS Properties, was sold for $6,700,000 on April 17, 2015. Bob’s strategic approach, honed through years of experience in the Manhattan real estate market, ensured the seller achieved the best possible outcome.

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Sale Details

The property at 409 East 87th Street, a classic walk-up multifamily building, attracted significant attention from potential buyers due to its prime location and stable cash flow potential. The final sale price of $6.7 million was a result of Bob Knakal’s expertise in negotiating the terms and finding a buyer who understood the building’s value.

Sale Price: $6,700,000
Property Address: 409 East 87th Street, New York, NY 10128
Building Type: Walk-Up Multifamily Building
Sale Date: April 17, 2015
Units: 20
Lot Size: N/A
Building SF: 8,590 SF
Price per SF: $779.98
Neighborhood: Upper East Side, Manhattan

Property Details

Located in the heart of Manhattan’s Upper East Side, 409 East 87th Street is a well-maintained walk-up multifamily building comprising 20 residential units. The building’s strategic location within the neighborhood ensured continued demand for its residential units.

Zoning: Multifamily Residential
Property Type: Multifamily - Walk-Up
Building SF: 8,590 SF
Unit Mix: 20 residential units
Price per SF: $779.98

Client: Harry Chernoff, HMS Properties

Harry Chernoff, owner of HMS Properties, sought Bob Knakal’s expertise for the sale of 409 East 87th Street. With extensive experience managing multifamily properties, Harry was familiar with the market but trusted Bob’s in-depth knowledge and strong negotiation skills to secure the best possible deal.

The initial offers received were not up to expectations, but Bob's proactive strategy—along with his long-standing market relationships—led to a sale price of $6.7 million, surpassing the client’s goals.

Market Strategy and Leverage

Bob’s strategy involved highlighting the long-term income potential of the property while also positioning it within the context of strong market demand in the Upper East Side. His team reached out to various buyers, including investors seeking income-producing properties, and through Bob’s persistent negotiation, secured a buyer willing to meet the seller’s expectations.

The property’s location in a highly sought-after neighborhood played a significant role in its appeal. Bob’s deep market insights and expert negotiation tactics made a significant difference in finalizing the deal at the optimal price.

Neighborhood Overview

Upper East Side is one of Manhattan’s most prestigious and desirable neighborhoods.
Known for its iconic brownstones and proximity to Central Park, it attracts both residents and investors.
The area offers a blend of residential, retail, and cultural attractions.
Walk-up buildings in the Upper East Side remain highly sought after due to their historic charm and prime location.

Conclusion

The successful sale of 409 East 87th Street is a testament to Bob Knakal's ability to secure optimal outcomes for his clients. Through his expertise and proactive approach, Bob helped Harry Chernoff exceed expectations and achieve the highest possible value for his property in a competitive market.

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