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Successful Sale of 109 East 73rd Street in the Upper East Side, Manhattan
Bob Knakal successfully arranged the sale of 109 East 73rd Street, a 17-unit elevator building in Manhattan’s sought-after Upper East Side. Situated just off Park Avenue on a prime tree-lined residential block, this multifamily asset offered exceptional upside potential and long-term value for the buyer, Gerry Casola.
The transaction was notable for its competitive price per square foot and its location in one of New York City's most prestigious residential corridors.
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Sale Details
On December 9, 1996, 109 East 73rd Street sold for $1,625,000, reflecting a competitive $121.89 per square foot. The seller, Berg Boghossian, a high-net-worth individual, entrusted Bob Knakal with the exclusive assignment to market the asset discreetly while maximizing exposure to qualified investors.
Transaction Highlights:
- Buyer: Gerry Casola
- Seller: Berg Boghossian
- Asset Class: Multifamily – Elevator
- Sale Price: $1,625,000
- Price per SF: $121.89
- Units: 17
- Sale Date: December 9, 1996
Property Details
109 East 73rd Street is located between Park Avenue and Lexington Avenue, in the heart of the Upper East Side. The property offers convenient access to Central Park, top private schools, and iconic museums such as The Met and the Frick Collection.
- Full Address: 109 East 73rd Street, New York, NY 10021
- Submarket: Upper East Side – Lenox Hill
- Zoning: Multifamily Residential
Key Property Highlights:
- 17 residential units
- Elevator building configuration
- Total square footage: 13,332 SF
- Located just off Park Avenue on a classic brownstone-lined street
- Long-term rental upside in a stable luxury rental market
Market Strategy and Positioning
The Upper East Side has long been one of New York City's most stable and desirable rental submarkets, driven by its historic charm, access to elite schools, and proximity to cultural institutions. In the 1990s, well-maintained elevator buildings in this area were particularly attractive to investors seeking consistent returns with minimal volatility.
Bob Knakal recognized the property’s strength as a long-term multifamily asset and positioned it accordingly. By targeting investors focused on generational wealth preservation and value-add opportunities, Bob generated meaningful interest and delivered an above-market outcome for the seller.
Neighborhood Overview
The Upper East Side is synonymous with luxury living, cultural landmarks, and historic architecture. From renowned museums to boutique shopping and Central Park access, the area continues to draw high-income renters and long-term investors.
Neighborhood Highlights:
- One block from Park Avenue and a short walk to Central Park
- Near elite institutions such as The Met, The Frick, and Hunter College
- Easy access to Lexington Avenue subway lines and crosstown buses
- Highly desirable rental corridor for professionals and families
Conclusion
The sale of 109 East 73rd Street is another example of Bob Knakal’s ability to deliver top value in Manhattan’s most elite neighborhoods. His understanding of the multifamily market and nuanced approach to off-market opportunities enabled a successful transaction that benefited both buyer and seller.
With decades of experience and a deep network of qualified investors, Bob continues to lead the market in Upper East Side multifamily sales.
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Frequently Asked Questions
Q1: How many units are in 109 East 73rd Street?
The property contains 17 residential units within an elevator building configuration.
Q2: What was the sale price per square foot?
The building sold for approximately $121.89 per square foot.
Q3: Why is the Upper East Side a strong rental market?
The neighborhood offers proximity to top schools, cultural institutions, and Central Park, making it a consistent draw for high-income tenants and long-term investors.