Landmark Sale of the Century Portfolio Across Manhattan
Bob Knakal successfully arranged the sale of the Century Portfolio, a collection of 28 mixed-use and multifamily properties located across prime Manhattan neighborhoods. Sold between 2012 and 2014 for a total of $164,000,000, this extraordinary portfolio encompassed approximately 282,254 square feet of walk-up, elevator, and retail condominium buildings.
The transaction represented one of the most significant multi-property sales in Manhattan during that period, showcasing the enduring value of diversified urban real estate and the strength of professional execution in complex portfolio transactions.
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Sale Details
The Century Portfolio sale highlighted the depth of investor demand for Manhattan’s mixed-use and residential assets, as well as Bob Knakal’s ability to strategically position large-scale portfolios to maximize value.
- Total Sale Price: $164,000,000
- Total Square Footage: 282,254 SF
- Number of Buildings: 28
- Asset Class: Mixed-Use, Multifamily (Walk-Up & Elevator), Retail Condo Portfolio
- Seller: Raymond Gindi, Century 21 Stores
- Sale Period: 2012–2014
Property Overview
The Century Portfolio included a wide range of buildings strategically located across Manhattan, spanning key residential, retail, and mixed-use corridors. Each property contributed unique strengths — from prime corner retail locations to residential buildings with strong income streams.
- Total of 282,254 SF across 28 buildings
- Mix of retail, multifamily, and mixed-use assets
- Properties located in core Manhattan corridors
- Blend of walk-up and elevator configurations appealing to diverse investor profiles
This extensive grouping provided investors with exposure to some of Manhattan’s most vibrant areas, including Tribeca, the Financial District, Chelsea, and the Upper West Side.
Market Strategy and Positioning
The marketing of the Century Portfolio required a tailored approach that balanced portfolio-level storytelling with individual asset value recognition. Bob Knakal and his team implemented a comprehensive strategy emphasizing:
- The diversity of asset types — from walk-ups and elevator buildings to retail condominiums.
- The geographic spread across multiple Manhattan submarkets, offering both stability and upside.
- The income-producing potential and long-term redevelopment possibilities inherent in select assets.
By leveraging extensive market data, buyer outreach, and personalized engagement with institutional and private investors, the team achieved strong competitive bidding and optimal pricing across all assets.
Neighborhood Presence
The portfolio’s geographic diversity gave it a commanding footprint in downtown and uptown Manhattan:
Tribeca:
Known for its cobblestone streets and luxury conversions, Tribeca remains one of Manhattan’s most sought-after residential districts.
- Home to renowned restaurants and boutique retail.
- Strong investor appeal due to stable rental performance.
Financial District:
A blend of historic architecture and modern developments, FiDi continues to evolve as a mixed-use hub.
- Close proximity to major transit hubs and office corridors.
- Increasing residential conversions driving steady demand.
Midtown South:
Centered around 26th Street and Broadway, Midtown South attracts creative and tech tenants.
- Consistent demand for walk-up and loft-style buildings.
- Ideal for repositioning opportunities.
Upper West Side:
A primarily residential area offering high-quality walk-up properties and consistent tenant retention.
- Strong community and cultural institutions.
- Resilient rental growth.
Conclusion
The sale of the Century Portfolio stands as a benchmark transaction in the Manhattan market, demonstrating the power of strategic marketing, precise valuation, and collaborative execution. Through Bob Knakal’s leadership, the seller achieved exceptional results across multiple asset types and neighborhoods — a testament to his proven expertise in navigating complex, high-value real estate portfolios.
Seller Testimonial
“Bob, you and your team did an incredible job selling our buildings. We can’t tell you how much we appreciate your thoughtful advice, insightful strategy, and flawless execution of the marketing process. You guys were the perfect choice for us and we could not be happier.”
— Raymond Gindi, Century 21 Stores
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Frequently Asked Questions
Q1: What was included in the Century Portfolio?
The portfolio consisted of 28 mixed-use, multifamily, and retail condominium buildings totaling approximately 282,254 square feet across various Manhattan neighborhoods.
Q2: How much did the Century Portfolio sell for?
The total sale price was $164,000,000, completed between 2012 and 2014.
Q3: Who was the seller of the Century Portfolio?
The portfolio was sold by Raymond Gindi of Century 21 Stores.
Q4: What types of assets were included in the portfolio?
The assets ranged from walk-up and elevator multifamily buildings to retail condominium properties, offering diverse income and redevelopment potential.
Q5: Why was this sale significant?
It was one of Manhattan’s most prominent portfolio sales during the period, showcasing the enduring investor demand for mixed-use and multifamily assets in top New York City locations.
Q6: What neighborhoods were represented in the portfolio?
The properties were spread across Tribeca, the Financial District, Chelsea, and the Upper West Side, reflecting a broad cross-section of Manhattan’s urban landscape.
