Successful Acquisition of 55 East 77th Street, Upper East Side, Manhattan
Bob Knakal successfully facilitated the sale of 55 East 77th Street, a charming walk-up multifamily building in the prestigious Upper East Side. The property was purchased by William Papp, an art dealer, for $2,750,000. With a total of 6,930 square feet, the sale price came in at $396.83 per square foot. Bob’s strategic insight into the local market helped position the property as an ideal investment for the buyer.
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Sale Details
The transaction closed on July 1, 1987, securing a favorable price for both the seller and the buyer. The building, with seven units, was an attractive investment in one of Manhattan’s most sought-after neighborhoods. Bob’s strong negotiation and market analysis ensured the buyer received favorable terms for this Upper East Side asset.
- Sale Price: $2,750,000
- Asset Type: Multifamily - Walk-Up, User
- Square Footage: 6,930 SF
- Price per SF: $396.83
- Units: 7
- Sale Date: July 1, 1987
- Neighborhood: Upper East Side, Manhattan
- Address: 55 East 77th Street, New York, NY 10075
Property Details
55 East 77th Street is a historic walk-up multifamily building located in the coveted Upper East Side. The building consists of seven spacious units, each offering classic New York charm with high ceilings and pre-war details. The building’s location in such a prestigious neighborhood made it an appealing acquisition for William Papp, who recognized the long-term value of this asset. The Upper East Side’s proximity to cultural institutions, high-end retail, and prime residential demand made this building an excellent choice for investment.
Market Strategy and Buyer Profile
William Papp, an established art dealer, sought to expand his investment portfolio by acquiring property in New York's iconic neighborhoods. Bob Knakal identified the potential in 55 East 77th Street, recognizing the buyer’s desire for a building that could provide stable rental income while appreciating in value over time. Bob’s deep understanding of Manhattan’s real estate market and his ability to connect the right buyers with the right properties were crucial in securing the deal.
Neighborhood Overview
The Upper East Side is one of Manhattan’s most desirable neighborhoods, known for:
- Proximity to Central Park and cultural landmarks like The Metropolitan Museum of Art
- Luxury residential buildings, prestigious schools, and world-class dining options
- A mix of historic brownstones and high-end apartment buildings
- Excellent public transportation connections
- A steady demand for both rental and owner-occupied properties
Conclusion
The acquisition of 55 East 77th Street for $2.75 million underscores Bob Knakal’s ability to navigate Manhattan’s competitive real estate market. Through his insightful guidance, William Papp was able to secure a prime property in a prestigious location, setting the stage for long-term value and growth.
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Frequently Asked Questions
What type of property is 55 East 77th Street?
55 East 77th Street is a walk-up multifamily building with seven residential units.
What is the total square footage of the property?
The building has a total of 6,930 square feet.
Why is the Upper East Side a desirable location for this property?
The Upper East Side is known for its proximity to Central Park, luxury retail, top-tier cultural institutions, and a strong residential market, making it one of the most sought-after areas in Manhattan.
