Successful Sale of 323-335 West 96th Street in the Upper West Side, Manhattan
Bob Knakal successfully closed the sale of 323-335 West 96th Street, a 174-unit apartment building located in the heart of the Upper West Side, Manhattan. The transaction, which involved the sale of a 50% fee interest, closed on January 20, 2016, for $27,000,000.
This large-scale multifamily property, spanning 130,300 buildable square feet, offered investors both immediate value and long-term upside in one of New York City’s most coveted neighborhoods.
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Sale Details
The closing of 323-335 West 96th Street represented a significant transaction in the Upper West Side multifamily market.
- Sale Price: $27,000,000
- Price per SF/BSF: $207.21
- Units: 174 residential units
- Seller: George Igle, Article 17 Trust
- Buyer: Joel Wiener
- Asset Class: 50% Fee Interest
- Sale Date: January 20, 2016
This property attracted strong interest due to its size, prime location, and stable rental base, making it an ideal fit for investors seeking secure, long-term returns.
Property Details
The property at 323-335 West 96th Street, New York, NY 10025 is located near the intersection of West 96th Street and Riverside Drive, steps away from Riverside Park and the West Side Highway.
- Lot Size: Large parcel with significant frontage
- Total Square Footage: 130,300 buildable SF
- Stories: Multi-story apartment complex
- Units: 174 residential units
- Property Type: Multifamily residential
Investment Highlights
- Prime Upper West Side location near Riverside Park and Broadway.
- Large-scale 174-unit rental building with stable occupancy.
- Significant upside with long-term value potential.
- Strong demand for multifamily housing in Manhattan.
Market Strategy and Positioning
At the time of the sale, the Upper West Side multifamily market remained one of the most resilient and competitive in Manhattan. Demand from institutional and international investors for stabilized rental assets far outpaced available supply.
This property’s size, location, and scale of units positioned it as an attractive long-term hold. The 50% fee interest required a nuanced marketing approach, and Bob Knakal’s strategy focused on identifying sophisticated buyers familiar with complex ownership structures.
Neighborhood Overview
The Upper West Side is one of Manhattan’s most desirable neighborhoods, known for its blend of cultural institutions, historic architecture, and residential appeal.
- Central Park & Riverside Park: Two of New York City’s most iconic green spaces, providing recreation and scenic views.
- Columbia University: A major academic hub, driving demand for nearby housing.
- Broadway Corridor: Offers shopping, dining, and entertainment options that enhance the neighborhood’s appeal.
- Historic Architecture: The area is home to pre-war buildings, brownstones, and landmarked blocks that attract long-term residents.
Long-standing reputation: The Upper West Side combines cultural prestige with neighborhood charm, making it a preferred choice for families, professionals, and investors alike.
Conclusion
The sale of 323-335 West 96th Street highlights the strength of the Upper West Side multifamily market and underscores Bob Knakal’s ability to navigate complex fee interest transactions. His experience, market knowledge, and strategic approach ensured the best possible outcome for the seller, exceeding expectations in a competitive investment environment.
Testimonial
“When it became time to sell our fee position, we looked very carefully and thoroughly for the perfect broker. We wanted a completely honorable person, who communicated well, was available, smart, connected and would work extremely hard on our behalf. We wanted someone who could reach potential buyers outside of the US and yet knew the local market and buyers inside out. Sadly, our ownership structure presented various challenges and we knew we needed a representative who could maneuver effectively with all stakeholders in this transaction and who understood complex business, tax and legal structures. After talking with a number of significant buyers and sellers in NYC and interviewing more than 10 final candidates we chose Bob Knakal and his team – and they met or exceeded our expectations in every category. Bob navigated a complicated process with intelligent (and intuitive) strategies and advice, maintaining integrity throughout the process. He remained consistently aligned with our best interest but also told us what was unreasonable or wouldn’t work and we were thrilled with the results. We got a deal that far exceeded all the original estimates and predictions and we only got it because of Bob’s wisdom, patience, interpersonal skills, incredible hard work and knowledge of all the players in the NY market. We are happy to provide any potential seller with our highest recommendation of Bob and his team.”
– George Igle, Article 17 Trust
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Frequently Asked Questions
Q1: What type of property is 323-335 West 96th Street?
It is a large multifamily apartment building with 174 residential units, located in the Upper West Side of Manhattan.
Q2: How many square feet does the property contain?
The building spans approximately 130,300 buildable square feet, making it a substantial asset in the neighborhood.
Q3: Was the entire property sold in this transaction?
No, the sale involved a 50% fee interest, requiring specialized expertise in structuring and marketing.
Q4: What was the price per square foot?
The property sold for $207.21 per buildable square foot, a competitive figure for Upper West Side multifamily assets.
