Successful Sale of 130 Van Cortlandt Avenue in Riverdale, Bronx
Bob Knakal successfully arranged the sale of 130 Van Cortlandt Avenue, a 47-unit elevator multifamily property located in the highly residential enclave of Riverdale in the Bronx. The transaction closed on June 28, 2006, at a sale price of $5,150,000. Known for its stable tenant base and solid structure, the property attracted attention from multiple developers and multifamily investors.
Bob’s team provided the seller, Roger Gaines of Park Regency, with a tailored strategy focused on maximizing the value per buildable square foot while leveraging the building’s desirable unit count and elevator accessibility. The ultimate result was a price of $138 per SF, a compelling valuation in the market at the time.
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Sale Details
This elevator building featured 47 units across 37,320 square feet and was positioned as a value-add opportunity in a supply-constrained submarket. Bob Knakal’s strategic outreach and positioning of the asset highlighted its long-term potential, drawing in serious interest from well-established developers. The property ultimately sold for $5.15 million, closing efficiently and smoothly.
- Sale Price: $5,150,000
- Units: 47
- Property Type: Multifamily – Elevator
- Sale Date: June 28, 2006
- Buyer: 22nd Century Developers
- Seller: Roger Gaines, Park Regency
Property Details
130 Van Cortlandt Avenue sits on a sizable lot in Riverdale and spans a total of 37,320 buildable square feet. The elevator-serviced building, coupled with its unit density and clean layout, made it a highly desirable asset for long-term hold or future repositioning. Its residential appeal and classic Bronx charm provided a strong foundation for demand.
- Full Address: 130 Van Cortlandt Avenue, Bronx, NY 10463
- Zoning: Residential Multifamily
- Building Type: Elevator Apartment Building
- Price per Buildable SF: $138
- Total BSF: 37,320
- Number of Units: 47
The Client: An Experienced Multifamily Owner Seeking Strategic Execution
Roger Gaines of Park Regency owned and operated multifamily properties across New York City. When he decided to explore options for 130 Van Cortlandt Avenue, he turned to Bob Knakal for his track record and ability to create competitive tension in the market. The initial plan was to quietly explore pricing benchmarks, but as interest picked up due to the building’s elevator feature and the scarcity of similar product in Riverdale, Bob quickly positioned it to capture the highest possible price. Through direct outreach to targeted multifamily operators, he secured multiple offers that pushed the price to $5.15 million.
Market Strategy and Positioning
Bob Knakal’s strategy emphasized three key selling points:
- The elevator — a rarity for Bronx multifamily buildings of this size
- The 47-unit configuration — offering strong rental upside and economies of scale
- The location — Riverdale’s growing appeal for families and professionals
By highlighting these attributes and conducting targeted outreach to developers already active in the Bronx, Bob was able to spark competitive interest and structure favorable deal terms that aligned with the seller’s goals.
Neighborhood Overview
Riverdale, located in the northwestern Bronx, is known for its quiet, tree-lined streets and proximity to Manhattan. The neighborhood blends suburban calm with urban convenience, making it an attractive option for renters and investors alike.
- Borders Van Cortlandt Park, offering extensive green space
- Easy access to Manhattan via the 1 train and nearby express buses
- Strong community feel with a mix of co-ops, rentals, and private homes
- Limited inventory of elevator buildings creates high demand when available
- Stable rental base with a growing professional tenant profile
Conclusion
The successful sale of 130 Van Cortlandt Avenue underscores Bob Knakal’s strategic insight and ability to align property positioning with market demand. By showcasing the building’s unique features and navigating a competitive buyer landscape, Bob achieved an above-market result for his client in a timely and efficient transaction.
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Frequently Asked Questions
Q1: What makes 130 Van Cortlandt Avenue stand out from other multifamily buildings in the Bronx?
Its elevator, 47-unit layout, and location in Riverdale — a neighborhood with limited supply of this asset class — make it a rare and valuable property.
Q2: Was the building fully occupied at the time of sale?
While occupancy details are confidential, interest was driven by the building’s unit count and long-term rental potential, not short-term income performance.
Q3: How accessible is the property for tenants commuting to Manhattan?
130 Van Cortlandt Avenue is ideally located near the 1 subway line and express buses, offering a direct and convenient commute into Manhattan.
