Successful Sale of 326 East 100th Street in East Harlem, Manhattan
Bob Knakal successfully brokered the sale of 326 East 100th Street, a substantial 92-unit walk-up apartment building located in East Harlem. The building was sold for $12,150,000, with a total of 84,180 square feet and a price per square foot of $144.33. This transaction marked a strategic acquisition by Centennial Properties NY, enhancing their Northern Manhattan portfolio.
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Sale Details
Closed on March 30, 2009, the deal reflected growing investor confidence in East Harlem's multifamily market, even during a challenging economic period. Bob’s proactive engagement and deep knowledge of the neighborhood helped ensure a timely sale that matched the buyer’s long-term investment strategy.
- Sale Price: $12,150,000
- Asset Type: Multifamily – Walk-Up
- Building Size: 84,180 SF
- Price per SF: $144.33
- Units: 92 Residential Units
- Sale Date: March 30, 2009
- Neighborhood: East Harlem, Northern Manhattan
- Address: 326 East 100th Street, New York, NY 10029
Property Details
326 East 100th Street is a classic, pre-war walk-up apartment building with 92 units spread across 84,180 square feet. Positioned on a tree-lined block in East Harlem, the property features strong rent roll potential and long-term upside. Its scale, location, and unit count made it a rare institutional-grade offering for Northern Manhattan.
Market Strategy and Execution
Bob Knakal targeted experienced multifamily operators with a proven track record in emerging neighborhoods. By highlighting East Harlem’s rising appeal and the property’s size and income-producing potential, Bob positioned the asset as a strategic hold for buyers anticipating long-term growth in the area. This approach ultimately resulted in a successful transaction with a buyer ready to act decisively.
Neighborhood Overview
East Harlem, a vibrant and historically rich neighborhood, offers:
- Rapid transit access via the 6 train at 103rd Street and nearby crosstown buses
- Strong demand from renters seeking affordable Manhattan housing options
- An emerging landscape of new developments and retail enhancements
- Close proximity to Central Park, Museum Mile, and the East River Esplanade
- A mix of pre-war charm and modern housing stock attracting both users and investors
Conclusion
The $12.15 million sale of 326 East 100th Street demonstrates Bob Knakal’s ability to close complex multifamily transactions by aligning high-capacity buyers with strategic assets. His understanding of emerging markets and institutional priorities made this East Harlem deal a standout in the walk-up asset class.
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Frequently Asked Questions
How many residential units are in 326 East 100th Street?
The property includes 92 residential units across a walk-up layout.
What is the total size of the building?
The building spans approximately 84,180 square feet.
Why is East Harlem an attractive location for multifamily investment?
East Harlem combines strong rental demand, access to public transit, and significant redevelopment interest, making it a high-potential area for long-term investors.
