Successful Sale of 213-215 East 76th Street in Upper East Side, Manhattan
Bob Knakal brokered the sale of 213-215 East 76th Street, a 22-unit multifamily walk-up building located in the heart of Manhattan’s Upper East Side. The transaction closed on February 18, 2003, at a sale price of $2,850,000.
The sellers turned to Bob for guidance based on his strong reputation for maximizing value in small-to-mid-sized multifamily assets. Through targeted marketing and pricing strategy, the building attracted attention from active investors seeking prime locations with stable residential tenancy.
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Sale Details
This walk-up apartment building offered a rare opportunity for investors to acquire a 22-unit property in one of Manhattan’s most desirable residential neighborhoods.
Bob Knakal’s approach focused on reaching active multifamily investors who recognized the long-term value of centrally located Upper East Side assets. His strategy helped generate offers and close the deal at a strong price per square foot.
- Sale Price: $2,850,000
- Property Type: Multifamily – Walk-Up
- Square Footage: 13,981 SF
- Price per SF: $203.85
- Sale Date: February 18, 2003
- Units: 22
- Address: 213-215 East 76th Street, New York, NY 10021
- Neighborhood: Upper East Side, Manhattan
Property Details
213-215 East 76th Street consists of 22 apartments across a walk-up structure ideally suited to the Upper East Side’s prewar housing stock. Located between Third and Second Avenues, the property provides convenient access to shopping, dining, and the 6 train, making it a strong rental asset.
The building’s layout appealed to both investors and operators looking for reliable income in a submarket known for low vacancy and stable tenancy.
Market Strategy and Buyer Targeting
To maximize the sale value, Bob Knakal crafted a marketing plan targeting multifamily buyers focused on core Manhattan neighborhoods. His strategy included:
- Highlighting the building’s value-add potential
- Emphasizing its strong location and stable tenant profile
- Positioning it as a long-term hold in a high-demand rental corridor
The result was a competitive bidding process that led to a swift closing at a price of $2.85M, reflecting investor confidence in the submarket and the building’s fundamentals.
Neighborhood Overview
The Upper East Side offers long-term appeal to residential investors due to:
- Strong demand for rental housing
- Proximity to Central Park and the East River
- Access to top-ranked schools, shopping corridors, and transportation
- Consistently low vacancy rates and stable rent growth
Conclusion
The sale of 213-215 East 76th Street underscores Bob Knakal’s ability to position even mid-sized walk-up buildings for maximum value. His in-depth market knowledge and strategic outreach helped the sellers achieve a favorable outcome in one of Manhattan’s most competitive multifamily submarkets.
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Frequently Asked Questions
What type of building is 213-215 East 76th Street?
It’s a walk-up multifamily building with 22 rental units located in the Upper East Side of Manhattan.
Why was this property appealing to investors?
Its location in a stable, high-demand residential neighborhood and consistent rental income potential made it ideal for long-term ownership.
How did Bob Knakal add value to the sale process?
Bob implemented a focused marketing strategy targeting the right buyer pool, which led to a competitive sale and a price that reflected the building’s true market value.
