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Successful Sale of 1656-1660 Third Avenue, Upper East Side, Manhattan
Bob Knakal facilitated the sale of 1656-1660 Third Avenue, a 38-unit walk-up multifamily property located in the Upper East Side. Closed on June 26, 2003, the transaction involved the sale from the Hecksher Foundation, a nonprofit organization represented by Paul Smadbeck, to investor Benjamin Ohebshalom.
The sale reflects Bob Knakal’s skill in navigating complex deals involving nonprofit sellers and securing ideal investment assets for buyers in competitive Manhattan residential markets.
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Sale Details
Bob Knakal’s strategic approach ensured the transaction was executed efficiently and at a price reflecting the asset’s value and location.
- Sale Price: $7,300,000
- Sale Date: June 26, 2003
- Buyer: Benjamin Ohebshalom (Investor)
- Seller: Paul Smadbeck, Hecksher Foundation (Non-Profit)
- Asset Class: Multifamily Walk-Up
- Units: 38
- Square Footage: 20,831
- Price per SF: $350.44
- Block / Lot: 1521 / 40
Property Details
This single-building multifamily walk-up property offers 38 residential units in the heart of the Upper East Side, a neighborhood known for its strong rental market and residential demand.
- Full Address: 1656-1660 Third Avenue, New York, NY 10128
- Property Type: Multifamily Walk-Up
- Unit Count: 38
- Square Footage: 20,831
Prime Multifamily Investment in the Upper East Side
Benjamin Ohebshalom acquired this asset for its strong rental income potential in a stable and highly sought-after neighborhood. Bob Knakal’s market knowledge and negotiation skills were key in finalizing the deal to meet the buyer’s investment criteria while addressing the nonprofit seller’s goals.
Neighborhood Overview: Upper East Side
- One of Manhattan’s most desirable residential neighborhoods
- Close to Central Park and the East River waterfront
- Robust rental market with high occupancy rates
- Access to top-tier schools, museums, and shopping
- Excellent transit connections including multiple subway lines
Conclusion
The sale of 1656-1660 Third Avenue underscores Bob Knakal’s ability to bridge nonprofit sellers with investor buyers, maximizing value and ensuring smooth transitions. This multifamily walk-up is a valuable addition to the Upper East Side’s residential real estate landscape.
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Frequently Asked Questions
Q1: What type of building is 1656-1660 Third Avenue?
A1: It is a multifamily walk-up building with 38 residential units.
Q2: Who was the seller in this transaction?
A2: The property was sold by the Hecksher Foundation, a nonprofit organization.
Q3: What makes the Upper East Side an attractive location for this investment?
A3: The neighborhood offers strong rental demand, proximity to parks, cultural institutions, and excellent transit options.
