Successful Sale of Development Site at 206-210 West 77th Street, Upper West Side, Manhattan
Bob Knakal and his team successfully closed the sale of the development site at 206-210 West 77th Street in Manhattan’s Upper West Side for $55,478,000. This transaction was pivotal for Bob’s development site sales practice, marking a shift in market dynamics that saw pricing for buildable square footage far exceeding expectations.
The robust market for development financing and higher-than-anticipated condo sales prices helped secure a record price for the site, positioning Bob Knakal as a leader in obtaining top-tier results in the changing marketplace.
Sale Details
The sale of 206-210 West 77th Street closed on July 27, 2017, for $55,478,000. The significantly higher-than-expected price demonstrated Bob Knakal’s ability to navigate changing market conditions and achieve outstanding results for his clients.
Sale Price: $55,478,000
Seller: Jewish Board of Family Services
Buyer: Confidential
Seller Type: Non-profit Organization
Property Type: Development Site / Retail Condo
Sale Date: July 27, 2017
Property Details
The development site at 206-210 West 77th Street was located in a prime section of Manhattan’s Upper West Side. Offering great frontage and situated in a desirable neighborhood, the property was initially expected to sell for prices in the mid-$400s per buildable square foot.
However, due to strong demand and favorable market conditions, the bidding escalated quickly, ultimately resulting in a sale price of over $600 per buildable square foot.
Full Address: 206-210 West 77th Street, Upper West Side, Manhattan, NY
Zoning: Development
Property Type: Retail Condo / Development Site
Sale Price: $55,478,000
The Challenge: A Rapidly Changing Market
The sale of 206-210 West 77th Street took place during a period of rapid market change. While the team anticipated solid interest and expected to achieve pricing in the mid-$400s per buildable square foot, the demand for development sites on the Upper West Side quickly outpaced those expectations.
Financing markets were extremely robust for this type of development, and projected condo sales prices were higher than originally anticipated.
These factors allowed the team to secure a significantly higher price than expected, setting a new benchmark for development site sales in the area.
Strategic Approach and Results
Bob Knakal and his team implemented a comprehensive marketing program targeting local and national developers. The result was an overwhelming number of offers, with bidding escalating far beyond initial expectations.
This sale established Bob and his team as market leaders who could anticipate price movements and secure top-tier results for their clients.
The competitive nature of the market, coupled with Bob’s strategic marketing and pricing approach, gave the team a significant competitive advantage.
This deal not only achieved a record price for the seller but also set the stage for future high-value development site sales in Manhattan.
Neighborhood Overview
The Upper West Side is a highly desirable Manhattan neighborhood known for:
- Historic charm.
- Cultural attractions.
- Residential appeal.
Key drivers of demand:
- Robust interest in development sites.
- Favorable financing conditions.
- Strong condo sales.
Sale of 206-210 West 77th Street:
- Resulted in a competitive bidding process.
- Set a new pricing benchmark for similar sites in Manhattan.
- Highlighted developers’ efforts to capitalize on the area’s strong market fundamentals.
Conclusion
The sale of 206-210 West 77th Street was a transformative deal for Bob Knakal’s development site sales practice. The ability to anticipate market changes, execute a flawless marketing campaign, and generate competitive offers allowed the team to secure a record price for the site. This transaction solidified Bob’s reputation as a leader in development site sales and set a new standard for pricing in Manhattan.
Testimonial
Here is what the seller had to say about the transaction:
“Bob Knakal and his team implemented the marketing program for our property flawlessly. The market was changing very rapidly at the time we went to market and, based upon the high number of offers that were produced, we are sure that we obtained the highest possible price we could have received. We highly recommend Bob and his team.”
– Susan Bear, Jewish Board of Family Services
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