Successful Sale of 354 Cathedral Parkway in Manhattan’s Upper West Side
Bob Knakal and his team successfully facilitated the sale of 354 Cathedral Parkway, a multifamily walk-up building in the Upper West Side. The transaction, which closed on March 5, 2009, achieved a sale price of $4,800,000, reflecting a price per square foot of $235.16.
The seller, an institutional investor, sought to optimize their portfolio, and Bob’s team leveraged their deep market knowledge to secure a favorable deal. The buyer, 354 Cathedral Partners LLC, recognized the long-term value of the property’s 30-unit configuration and prime location.
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Sale Details
This 20,412-square-foot walk-up building attracted strong interest due to its stable tenancy and desirable Upper West Side location. Bob Knakal and his team structured a competitive deal that aligned with market conditions, ensuring an optimal outcome for the seller.
- Sale Price: $4,800,000
- Property Type: Multifamily - Walk-Up
- Sale Date: March 5, 2009
- Building Size: 20,412 SF
- Price per SF: $235.16
- Units: 30
Property Overview
Located at 354 Cathedral Parkway, this classic pre-war walk-up building features a well-maintained façade and a mix of unit layouts that cater to the strong rental demand in the Upper West Side. The property’s proximity to key transit options and neighborhood amenities made it a highly desirable asset in the market.
- Full Address: 354 Cathedral Parkway, New York, NY 10026
- Building Type: Walk-Up Multifamily
- Stories: 5
- Lot Size: Standard Upper West Side lot dimensions
- Units: 30
Strategic Market Approach
Bob Knakal’s team identified the right buyer pool by targeting investors looking for stabilized multifamily assets in high-demand neighborhoods. By highlighting the property’s strong occupancy and value-add potential, they were able to negotiate a deal that aligned with the seller’s financial objectives.
Neighborhood Overview
The Upper West Side is known for its historic charm, cultural institutions, and vibrant residential community.
- Central Park Proximity: Located near one of New York City’s most iconic green spaces.
- Strong Rental Market: High demand for rental units due to the area’s accessibility and amenities.
- Transit Access: Well-served by multiple subway lines and bus routes.
- Historic Appeal: Features classic pre-war architecture and a mix of modern conveniences.
Conclusion
The successful sale of 354 Cathedral Parkway highlights Bob Knakal’s ability to maximize property value through market knowledge and strategic negotiation. By positioning the asset effectively and targeting the right buyer profile, Bob and his team ensured a seamless transaction that met the seller’s objectives.
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