Successful Sale of 232 East 63rd Street in Upper East Side, Manhattan
Bob Knakal successfully closed the sale of 232 East 63rd Street, a distinctive development property located in Manhattan’s prestigious Upper East Side. The property sold on April 8, 1997 for $1,387,500, reflecting its unique potential in a highly desirable neighborhood.
The seller, Frank Stark, relied on Bob’s market expertise to reach buyers capable of appreciating the property’s special characteristics. The buyer, Rocky H. Aoki, recognized the opportunity to acquire a rare Upper East Side parcel with both redevelopment potential and historical significance.
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Sale Details
This sale underscores the ongoing demand for compact, well-located development sites in Manhattan. Bob Knakal leveraged strategic marketing and buyer outreach to achieve an optimal outcome for the seller.
- Sale Price: $1,387,500
- Price per Buildable SF: $242.36
- Buyer: Rocky H. Aoki
- Seller: Frank Stark
- Asset Class: Development
- Sale Date: April 8, 1997
- Buildable Square Footage: 5,725 BSF
Highlights of the Transaction
- Rare Upper East Side development opportunity
- Lot size of 25 ft x 100 ft
- Three-story building with redevelopment potential
- Strategically marketed to buyers seeking prime Manhattan parcels
Property Overview: 232 East 63rd Street, Upper East Side
Located between Second and Third Avenues, 232 East 63rd Street is positioned in a prestigious Upper East Side corridor. Its lot size, three-story configuration, and buildable square footage provided an ideal footprint for redevelopment or residential expansion. The site’s compact scale made it particularly appealing to developers seeking to maximize value in central Manhattan.
Key Property Details:
- Full Address: 232 East 63rd Street, New York, NY
- Lot Dimensions: 25 ft x 100 ft
- Stories: 3
- Units: 3
- Buildable Square Footage: 5,725 BSF
Investment Highlights:
- Rare development opportunity in a highly desirable neighborhood
- Compact lot ideal for residential or mixed-use redevelopment
- Proximity to major avenues, cultural landmarks, and transit
- Strong long-term neighborhood demand ensuring value retention
Market Strategy and Positioning for Upper East Side Development
During the late 1990s, opportunities for development in the Upper East Side were limited, particularly on central blocks with established residential demand. Bob Knakal positioned 232 East 63rd Street to attract buyers who valued its unique character, well-maintained condition, and potential for appreciation.
Market Strategy Highlights:
- Targeted qualified buyers with interest in prime Upper East Side parcels
- Emphasized redevelopment potential and historical character
- Leveraged extensive market knowledge to reach the right investors
- Ensured a competitive and efficient sales process to maximize value
Neighborhood Overview: Upper East Side, Manhattan
The Upper East Side is synonymous with prestige, refined streetscapes, and cultural institutions. Its residential charm, proximity to world-class amenities, and consistent demand from buyers make it one of Manhattan’s most coveted neighborhoods for development.
Key Neighborhood Features:
- Prestigious Residential Environment: Tree-lined streets, luxury townhouses, boutique apartment buildings
- Cultural Landmarks: Close to Museum Mile, Central Park, and top educational institutions
- Convenient Transit: Multiple subway lines provide easy access to Midtown and Lower Manhattan
- Vibrant Local Amenities: Upscale restaurants, boutique shops, and cultural destinations enhance livability
Conclusion: Prime Upper East Side Development Opportunity
The sale of 232 East 63rd Street illustrates Bob Knakal’s ability to connect rare Manhattan properties with the right buyers. This transaction underscores the enduring desirability of the Upper East Side, demonstrating how strategic marketing, deep market knowledge, and expert guidance deliver optimal outcomes for sellers.
Client Testimonial
“Bob Knakal is a true professional. He worked tirelessly for us and did everything he could to bring buyers to my building. Only the right buyer would be able to see what was done to the property and appreciate it. Bob appreciated it and was able to convey how special this building is to buyers. I could not be happier with the job Bob did representing me on this sale.”
— Frank Stark
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Frequently Asked Questions (FAQ) About 232 East 63rd Street
Q1: What type of property is 232 East 63rd Street?
It is a three-story development site with three residential units, offering 5,725 buildable square feet. The property is suitable for redevelopment, expansion, or repositioning within Manhattan’s highly desirable Upper East Side.
Q2: Why was this property appealing to buyers?
Buyers valued its prime Upper East Side location, compact lot size, and well-maintained condition, offering rare redevelopment potential and long-term appreciation prospects.
Q3: Who purchased the property?
Rocky H. Aoki acquired the site, recognizing the opportunity to secure a rare Upper East Side parcel with both redevelopment potential and historic character.
Q4: How large is the lot?
The property occupies a 25 ft x 100 ft lot, providing a valuable footprint for redevelopment or expansion in a premium Manhattan corridor.
Q5: What makes the Upper East Side desirable for development?
The neighborhood offers prestigious streetscapes, cultural landmarks, high-quality residential living, and consistent long-term demand, making it highly attractive for developers and investors alike.
Q6: What role did Bob Knakal play in this transaction?
Bob provided strategic marketing, targeted buyer outreach, and leveraged his market expertise to connect the property with a qualified buyer, ensuring an efficient process and optimal outcome for the seller.
Q7: How does this sale reflect broader trends in Manhattan real estate?
The transaction demonstrates strong demand for compact, well-located development sites in Manhattan, highlighting the value buyers place on neighborhood prestige, scale, and redevelopment potential.
