Upper West Side Development and Office Property at 111-117 West 72nd Street Sells for $16,500,000

Successful Sale of 111-117 West 72nd Street in the Upper West Side, Manhattan

Bob Knakal and his team successfully facilitated the sale of 111-117 West 72nd Street, a prime development and office property in Manhattan’s vibrant Upper West Side. The property, spanning five stories and featuring 48,900 buildable square feet, was sold for $16,500,000. The strategic efforts of Bob’s team ensured a seamless transaction despite challenging circumstances.

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Sale Details

Bob Knakal’s expertise and strategic market insights were pivotal in closing the sale of 111-117 West 72nd Street. The property’s unique characteristics, including its mixed-use zoning and development potential, attracted significant interest from investors. Ultimately, the deal closed at $16.5 million, with terms that reflected the property’s prime location and development capacity.

Sale Price: $16,500,000
Seller: James Nicholson, Bay Management Corp
Buyer: Ira Krauss, First Sterling Corporation
Property Type: Development, Office, Retail
Sale Date: January 2, 2006

Property Details

The property at 111-117 West 72nd Street is located in Manhattan’s Upper West Side, a sought-after neighborhood known for its blend of historic charm and modern conveniences. Key features of the property include:

Lot Size: 48 x 102 feet
Building Size: 48,900 buildable square feet
Stories: 5
Zoning: Mixed-Use Development Potential
Price per Buildable Square Foot: $337.42

Neighborhood Overview The Upper West Side remains one of Manhattan’s most desirable locations for both residential and commercial properties. Key highlights include:

Proximity to cultural landmarks such as Lincoln Center and the American Museum of Natural History.
Accessibility to Central Park and Riverside Park, offering unparalleled green spaces.
A dynamic retail and dining scene, with both established and emerging businesses.
Strong demand for development sites due to limited inventory and high investor interest.

Conclusion

The sale of 111-117 West 72nd Street highlights Bob Knakal’s dedication to providing exceptional service and maximizing value for clients. His team’s ability to navigate complex challenges ensured a successful outcome, securing optimal terms for the seller while meeting market demand.

Testimonial

“Bob Knakal and his team did a fantastic job – under challenging circumstances. They are true investment sale professionals, particularly for properties with development potential.” – Jim Nicholson, Bay Management