Successful Sale of 550 Riverside Drive in Morningside Heights, Manhattan
Bob Knakal successfully closed the sale of 550 Riverside Drive, a 50-unit elevator apartment building located in the heart of Morningside Heights. The building, totaling 66,024 square feet, sold for $6,525,000. Bob’s strategic approach and deep understanding of the Northern Manhattan multifamily market helped guide the transaction to a smooth and value-maximizing close.
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Sale Details
The sale of this prewar elevator apartment building at 550 Riverside Drive closed on July 26, 2004. The property’s significant size, combined with its location just steps from Riverside Park and Columbia University, made it an attractive investment opportunity. Bob Knakal’s involvement ensured that the building’s full potential was highlighted during negotiations, which led to a successful transaction at a competitive price of $98.83 per square foot.
- Sale Price: $6,525,000
- Asset Type: Multifamily – Elevator
- Total Square Footage: 66,024 SF
- Units: 50
- Price per SF: $98.83
- Sale Date: July 26, 2004
- Neighborhood: Morningside Heights, Northern Manhattan
- Property Address: 550 Riverside Drive, New York, NY 10027
Property Details
550 Riverside Drive is a prewar, elevator-serviced multifamily building with 50 residential units. Located on the corner of Riverside Drive and West 123rd Street, the building features large layouts and high ceilings, characteristics common in the historic apartment buildings of Morningside Heights. The property stands near educational institutions, cultural landmarks, and green spaces—making it well-positioned for continued long-term residential demand.
Market Strategy and Positioning
To attract the right buyer, Bob Knakal emphasized the property’s location within a stable residential community with long-term rental demand. By presenting the building’s low price-per-square-foot in comparison to market averages, and showcasing its proximity to Columbia University and Riverside Park, Bob’s team was able to highlight its investment upside. The building’s elevator service and large residential unit count further added to its appeal in the multifamily investor market.
Neighborhood Overview
Morningside Heights offers a unique blend of education, culture, and green space:
- Home to Columbia University and Barnard College
- Walking distance to Riverside Park and Morningside Park
- Rich in historic prewar architecture
- Strong demand for quality rental housing
- Well-served by public transit, including the 1 train at 125th Street
- Proximity to institutions such as the Cathedral of St. John the Divine
Conclusion
The successful sale of 550 Riverside Drive underscores Bob Knakal’s ability to identify the strengths of a property and position it effectively in the marketplace. His attention to market dynamics and detailed preparation resulted in a strong outcome that reflected the property’s full value. This transaction demonstrates the power of strategic marketing and experienced representation in New York City’s competitive multifamily sector.
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Frequently Asked Questions
What type of building is 550 Riverside Drive?
550 Riverside Drive is a 50-unit, prewar elevator apartment building located in Morningside Heights. It is a multifamily property with spacious residential layouts and architectural charm typical of the area.
What made this property appealing to investors?
The property’s location near Columbia University, its large unit count, elevator service, and low price per square foot made it a highly attractive acquisition for multifamily investors seeking value in Northern Manhattan.
How large is the building, and what was the sale price per square foot?
The building spans 66,024 square feet and sold for $6,525,000, which equates to approximately $98.83 per square foot—a competitive figure for an elevator-serviced building in this part of Manhattan.
