Successful Sale of 248-250 East 77th Street in Manhattan’s Upper East Side

Bob Knakal successfully arranged the sale of 248-250 East 77th Street, two contiguous four-story multifamily walk-up buildings located between Second and Third Avenues in Manhattan’s prestigious Upper East Side. The properties sold for $2,900,000, representing a high-value opportunity for both income generation and redevelopment potential in one of New York’s most stable rental markets.

This transaction demonstrates the enduring investor demand for small- to mid-scale multifamily assets in prime Manhattan neighborhoods, where limited supply and consistent appreciation continue to attract both domestic and institutional capital.

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Sale Details of the Upper East Side Multifamily Portfolio

This off-market transaction closed on March 4, 2002, with Heron Property LLC, led by Alan Sackman, acquiring the properties from Gary Brown. The $2.9 million sale equated to $258.93 per buildable square foot, reflecting the strong fundamentals and long-term upside of walk-up assets in Manhattan’s Upper East Side multifamily sector.

Key Sale Details:

• Sale Price: $2,900,000
• Price per BSF: $258.93
• Buyer: Heron Property LLC (Alan Sackman)
• Seller: Gary Brown
• Asset Class: Development / Multifamily Walk-Up
• Sale Date: March 4, 2002
• Lot Size: 25 x 100 feet
• Total Units: 24

Property Overview: 248-250 East 77th Street

The properties at 248-250 East 77th Street, New York, NY 10075, are situated on a 25-foot-wide lot between Second and Third Avenues, featuring two adjacent four-story pre-war buildings totaling 11,200 buildable square feet. Each building combines historic architectural character with strong tenancy and well-maintained condition, making them ideal for long-term investors or future redevelopment.

Property Highlights:

• Building Type: Multifamily Walk-Up
• Stories: 4
• Total Units: 24
• Lot Dimensions: 25’ x 100’
• Total Buildable Area: 11,200 SF
• Buildings on Lot: 2
• Property Condition: Pre-war, well-maintained with stable tenancy

These properties offered immediate income stability while allowing for long-term repositioning potential—an increasingly rare opportunity in Manhattan’s tightly held Upper East Side.

Market Strategy and Positioning: Maximizing Value Through Strategic Marketing

At the time of sale, the Upper East Side multifamily market was attracting heightened investor attention due to its low vacancy rates, high tenant retention, and limited turnover of small-scale walk-up buildings. Bob Knakal’s approach emphasized the asset’s contiguous ownership, renovation potential, and prime location—key factors that resonated strongly with developers and long-term investors alike.

By positioning the properties as both a stable income producer and future development opportunity, Knakal generated a highly competitive environment that achieved optimal value for the seller. This dual narrative of income and upside continues to define successful investment strategies in mature Manhattan submarkets.

Why the Upper East Side Remains a Prime Market for Multifamily Investors

The Upper East Side remains synonymous with residential prestige and investment stability. Known for its elegant brownstones, proximity to Central Park, and cultural landmarks, it has consistently delivered dependable returns and long-term appreciation for property owners.

Neighborhood Highlights:

• Prime Location: Nestled between Second and Third Avenues, just steps from the 77th Street subway station (6 train), offering excellent access to Midtown and Downtown Manhattan.
• Lifestyle Amenities: Surrounded by fine dining, boutique shopping along Madison and Lexington Avenues, and cultural destinations like The Metropolitan Museum of Art and The Frick Collection.
• Top Schools: Proximity to elite educational institutions such as The Dalton School and Lycée Français de New York enhances residential desirability.
• Historic and Modern Appeal: Combines pre-war charm with modern luxury, attracting a blend of professionals, families, and long-term tenants.

The Upper East Side’s reputation for security, sophistication, and enduring demand continues to make it one of New York City’s safest and most lucrative investment submarkets.

Conclusion: Long-Term Value in Manhattan’s Multifamily Core

The sale of 248-250 East 77th Street underscores the lasting appeal of multifamily assets in core Manhattan neighborhoods. With its prime location, strong in-place income, and redevelopment flexibility, the property embodies the balanced risk-reward profile that seasoned investors seek.

This transaction exemplifies Bob Knakal’s strategic market insight, leveraging local expertise and buyer competition to deliver an optimal outcome for the seller while setting a performance benchmark for similar Upper East Side assets.

Client Testimonial

“Bob, thanks for doing such a great job for us. We couldn’t be happier with the results you produced!”
— Gary Brown, Seller

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Frequently Asked Questions About the 248-250 East 77th Street Sale

Q1: What type of property is 248-250 East 77th Street?
These are two adjacent four-story multifamily walk-up buildings with a combined total of 24 residential units, representing a strong income-producing asset in Manhattan’s Upper East Side.

Q2: Where exactly are the properties located?
They’re located between Second and Third Avenues at 248-250 East 77th Street, New York, NY 10075—just minutes from the 77th Street subway station and close to key retail and cultural attractions.

Q3: When was the sale completed, and for how much?
The sale was completed on March 4, 2002, for $2,900,000, equating to approximately $258.93 per buildable square foot.

Q4: Who were the buyer and seller involved in the transaction?
The buyer was Heron Property LLC, led by Alan Sackman, and the seller was Gary Brown, a private investor.

Q5: What made the property particularly appealing to investors?
The combination of immediate rental income, long-term redevelopment potential, and location in a high-demand residential corridor made this property attractive to both developers and long-term holders seeking appreciation and cash flow stability.

Q6: What are the key advantages of investing in Upper East Side multifamily properties?
The Upper East Side offers unmatched stability, low vacancy, and consistent tenant demand. Properties in this neighborhood benefit from high rental rates, strong resale potential, and access to world-class amenities, schools, and transportation.

Q7: How did Bob Knakal’s strategy help achieve an optimal sale outcome?
By targeting qualified investors and emphasizing the property’s redevelopment potential and rental stability, Bob Knakal generated multiple offers in a limited timeframe, ensuring maximum exposure and top-dollar results for the seller.

Q8: How does this sale compare to similar multifamily transactions in Manhattan?
The per-square-foot price achieved reflects premium investor confidence in Upper East Side assets. Even decades later, sales like this continue to serve as early indicators of how boutique multifamily buildings hold intrinsic long-term value within Manhattan’s constrained housing market.

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