Successful Sale of 406–408 East 79th Street on the Upper East Side, Manhattan
Bob Knakal successfully arranged the sale of 406–408 East 79th Street, a development site located in the highly established Upper East Side neighborhood of Manhattan. The transaction represented a first-time sale for the ownership, offering a rare opportunity to unlock value from a long-held asset in one of the city’s most supply-constrained residential markets.
The property featured an existing low-rise structure on a generously sized lot, presenting clear future redevelopment potential within a stable, long-term value corridor.
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Sale Details
The sale occurred during a period that was widely considered less than ideal for development transactions. Despite broader market headwinds, disciplined positioning and targeted outreach produced a strong outcome for the sellers.
Transaction Overview
- Sale Price: $2,025,000
- Price per Square Foot: $23.28
- Buyer: RFR Realty (Trevor Davis, Aby Rosen)
- Seller: Sanford Jacolow and Ellen Jacolow
- Asset Class: Development Site
- Sale Date: June 8, 1995
Property Details
Situated on East 79th Street between York Avenue and East End Avenue, the property benefits from a quiet residential setting while remaining close to key Upper East Side amenities.
Full Address:
406–408 East 79th Street, New York, NY 10075
The site’s dimensions and footprint were notably larger than many surrounding parcels, enhancing its appeal for redevelopment or future assemblage opportunities.
Investment Highlights
- Year Recorded: 1995
- Stories: 3
- Buildings: Single structure
- Lot Dimensions: 50 ft × 102 ft
- Total Square Footage: Approx. 87,000 SF
- Block / Lot: Block 1,473, Lot 44
Market Strategy and Positioning
Upper East Side development opportunities were limited in the mid-1990s, with cautious buyer sentiment and low transaction volume. Rather than focusing on short-term conditions, the marketing approach emphasized the property’s long-term redevelopment potential, location quality, and rarity.
By targeting well-capitalized buyers with patient investment horizons, the strategy successfully maximized value despite suboptimal market timing.
Neighborhood Overview – Upper East Side
The Upper East Side is one of Manhattan’s most established residential neighborhoods, recognized for its architectural consistency, cultural institutions, and proximity to both Central Park and the East River.
Neighborhood Highlights
- Residential Stability: Long-term ownership and limited new supply
- Cultural Anchors: Proximity to Museum Mile and prestigious private schools
- Enduring Demand: Proven appeal across market cycles
- Connectivity: Strong access via crosstown and north–south corridors
Conclusion
The sale of 406–408 East 79th Street underscores the importance of strategic execution when market conditions are less than ideal. Through careful positioning and hands-on advisory services, Bob Knakal maximized value for the sellers and facilitated a successful first-time disposition.
This transaction further reflects Bob’s expertise in navigating complex development-site sales within Manhattan’s most established neighborhoods.
Client Testimonial
“Our market timing here was far from optimal but Bob Knakal did a great job of maximizing value for us.”
— Sanford Jacolow
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Frequently Asked Questions
Q1: What type of property is 406–408 East 79th Street?
It is a development site marketed based on its long-term redevelopment potential rather than its existing structure.
Q2: How large is the property?
The site contains approximately 87,000 square feet, making it larger than many nearby parcels.
Q3: Why was this considered a first-time sale?
The property had been held by the same private owners for decades and had never previously been brought to market.
Q4: What makes the Upper East Side attractive for development?
Strong residential demand, limited supply, and long-term value stability continue to attract patient, well-capitalized buyers.
Q5: How did market timing affect the sale?
The transaction took place during a softer market cycle, requiring strategic pricing and targeted outreach.
Q6: Who typically pursues development sites in this area?
Experienced developers and institutional buyers focused on long-term residential value creation.
