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Successful Sale of 330 East 63rd Street & 780 Greenwich Street in Manhattan
Bob Knakal successfully brokered the $55,000,000 sale of two elevator apartment buildings located at 330 East 63rd Street and 780 Greenwich Street, situated in the Upper East Side and West Village neighborhoods of Manhattan.
Representing the seller, Joanne Portman and the Portman Family, Bob helped execute the sale of this well-positioned 182-unit portfolio to Heller Realty, led by Ben Heller.
Spanning two of Manhattan’s most desirable neighborhoods, this unique multifamily portfolio stood out for its scale, location, and long-term upside.
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Sale Details
This strategically located elevator portfolio commanded a total sale price of $55,000,000, equating to approximately $389.11 per square foot for the 141,347 total square feet.
The sale closed on March 8, 2006.
Key Details:
- Sale Price: $55,000,000
- Price per SF: $389.11
- Total Units: 182
- Square Footage: 141,347
- Buyer: Heller Realty, Ben Heller
- Seller: Joanne Portman, Portman Family
- Property Type: Multifamily – Elevator, Portfolio
- Neighborhoods: West Village and Upper East Side
- Date Closed: March 8, 2006
Property Details
This rare two-building portfolio is comprised of:
- 330 East 63rd Street, also known as 322-34 East 63rd Street, located in the Upper East Side
- 780 Greenwich Street, also known as 772-84 Greenwich Street, located in the West Village
Both buildings are classic elevator-serviced multifamily assets positioned on highly desirable residential blocks.
Investment Highlights:
- Combined 182 residential units across both properties
- Total size of 141,347 square feet
- Elevator-serviced buildings offering long-term income potential
- Situated in neighborhoods with historically low vacancy and high rental demand
While exact lot sizes and story counts were undisclosed, the properties boast full frontage on two of the most established streets in Manhattan. Their timeless architecture, combined with elevator access and prime addresses, made the offering highly attractive to institutional and private investors alike.
Market Strategy and Positioning
The transaction was marketed as a rare dual-neighborhood elevator portfolio with significant upside potential. In a market where most multifamily opportunities are confined to one area, this offering allowed investors to diversify their holdings within Manhattan.
Bob Knakal positioned the portfolio as a long-term cash-flowing investment with potential for value enhancement through modernization or repositioning. Despite the complexities of operating across two neighborhoods, the demand for well-located multifamily assets ensured competitive interest.
Neighborhood Overview
Upper East Side (330 East 63rd Street):
- Known for its refined, residential character and historic buildings
- Home to cultural landmarks like The Metropolitan Museum of Art and Museum Mile, both iconic institutions drawing millions of visitors annually
- Close to Central Park, providing open green space, recreation, and premium address cachet
- Near prestigious medical and academic institutions, including Weill Cornell Medical Center and Rockefeller University
West Village (780 Greenwich Street):
- Celebrated for its cobblestone streets, charming low-rise buildings, and bohemian vibe
- Near The High Line, a world-famous elevated park stretching along Manhattan’s west side
- Minutes from Hudson River Park, offering biking, walking paths, and waterfront views
- Walking distance to boutique retail, historic cafes, and restaurants like The Spotted Pig and Corner Bistro
These two neighborhoods represent the pinnacle of downtown and uptown Manhattan living—making this portfolio uniquely positioned for long-term value.
Conclusion
The sale of 330 East 63rd Street and 780 Greenwich Street marks a significant achievement in Manhattan’s multifamily market. Bob Knakal’s expertise, market knowledge, and transactional experience ensured that the seller was able to capitalize on this prime asset with optimal terms.
This transaction highlights Bob Knakal’s ability to successfully manage complex portfolios across multiple neighborhoods—delivering strategic outcomes for both sellers and buyers.
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Frequently Asked Questions
Q1: What type of properties were included in the Portman Portfolio sale?
The portfolio consisted of two elevator-serviced multifamily buildings—one in the Upper East Side and the other in the West Village—totaling 182 residential units and 141,347 square feet.
Q2: Why was this portfolio considered unique in the market?
It combined two high-demand Manhattan neighborhoods into a single offering, which is rare in the multifamily space. The scale and location diversity appealed to a wide range of investors.
Q3: What are the long-term advantages of owning elevator buildings in these locations?
Elevator buildings in the Upper East Side and West Village command premium rents, attract stable tenants, and tend to have strong appreciation due to limited supply.
Q4: Were there any redevelopment or repositioning opportunities associated with this sale?
While not marketed as a redevelopment opportunity, the properties offered upside potential through interior modernization or repositioning strategies to elevate rents and tenant profiles.
Q5: How does the $389 per SF compare to other sales in these areas?
At $389 per SF, the sale was considered attractive given the prime addresses. Comparable elevator buildings in similar locations often trade higher depending on condition and tenant profile.
Q6: How was this deal marketed to attract the right buyer?
Bob Knakal leveraged his extensive investor network and positioned the deal as a rare dual-neighborhood asset with scale, location, and income security—drawing strong interest from institutional buyers.