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Successful Sale of the Uptown Commercial Portfolio Across Northern Manhattan
Bob Knakal successfully brokered the $19,900,000 sale of the Uptown Commercial Portfolio, a unique 8-building package spread across Harlem, Washington Heights, and Inwood. With a total of 126,776 square feet, the diverse asset mix included retail, office, development, and parking components—making it one of the most multifaceted portfolio sales in Northern Manhattan in 2012.
The portfolio featured prime sites including retail on West 125th Street, office and retail on Broadway, a development parcel on Dyckman Street, and a retail/parking asset at 4172 Broadway. This deal showcased Bob’s ability to highlight individual property potential while marketing a portfolio as a cohesive investment opportunity.
Development Site Sales - For the complete list click here Development Sites
Sale Details
The portfolio closed on November 19, 2012, for $19,900,000, averaging $156.97 per square foot across 126,776 square feet. Bob Knakal’s marketing process emphasized the portfolio’s location advantages, redevelopment potential, and stable in-place income. This generated substantial investor interest across asset classes—from developers to long-term commercial holders.
- Sale Price: $19,900,000
- Buyer: Richard Parkoff
- Seller: EMMES Group of Companies (Andy Davidoff)
- Seller Type: Institutional Owner
- Asset Class: Commercial, Office, Retail, Development, Parking Garage (Portfolio)
- Buildings: 8
- Units: 6 active commercial uses
- Total SF: 126,776
- Price per SF: $156.97
- Date Closed: November 19, 2012
Property Details
The Uptown Commercial Portfolio offered a blend of income-producing properties and development upside. Its wide geographic spread across three dynamic neighborhoods gave investors the rare opportunity to acquire critical mass in Northern Manhattan. Notable properties included:
- 246-248 West 125th Street (Retail – Harlem)
- 3410-3418 Broadway (Retail/Office – Hamilton Heights)
- 3560 Broadway (Commercial – Hamilton Heights)
- 4168-4172 Broadway (Retail and Parking – Washington Heights)
- 141-149 Dyckman Street (Development Site – Inwood)
- 177-185 Dyckman Street (Retail – Inwood)
Each site had a distinct use and tenant base, from established retail to new development opportunity. The variety allowed for future repositioning, enhancing long-term value.
Strategy: Unlocking Value Through Targeted Marketing
Given the portfolio’s complexity, Bob Knakal and his team approached the sale with a custom strategy tailored to mixed-asset portfolios:
- Positioned the offering by submarket to appeal to location-specific investors
- Highlighted upside in underutilized buildings for future redevelopment or repositioning
- Framed the portfolio as a value-add opportunity with both stabilized income and long-term upside
By segmenting the portfolio by use and submarket, Bob attracted a range of qualified buyers and created an atmosphere of competitive bidding. The winning offer came from a buyer with experience in repositioning Northern Manhattan commercial real estate, recognizing the long-term value of the collection.
Neighborhood Overview
The portfolio spanned three vibrant and distinct neighborhoods in Northern Manhattan:
- Harlem
- Cultural hub and rapidly redeveloping retail corridor
- Proximity to Columbia University and Morningside Heights
- High foot traffic on 125th Street
- Washington Heights
- Popular for long-standing commercial corridors
- Easy access to the George Washington Bridge and West Side Highway
- Strong residential population supports local retail
- Inwood
- Development activity along Dyckman Street corridor
- Near Fort Tryon Park and Inwood Hill Park
- Growing investor interest in rezoning and mixed-use potential
Conclusion
The $19.9 million sale of the Uptown Commercial Portfolio highlights Bob Knakal’s unmatched ability to manage complex, multi-asset transactions. His marketing strategy brought clarity to a diverse set of properties and attracted a buyer who saw the long-term potential across Harlem, Washington Heights, and Inwood.
Testimonial
“We have done many deals with Bob Knakal and his team. They are excellent at what they do and always get us top prices.”
— Andy Davidoff, EMMES Group of Companies
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