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Successful Sale of Fort Riverside Portfolio in Washington Heights, Manhattan
Bob Knakal and his team successfully brokered the sale of the Fort Riverside Portfolio, a five-building elevator multifamily portfolio located in Washington Heights, Northern Manhattan. The transaction closed for $101,500,000 and included approximately 340,000 square feet across 290 residential units.
The seller, Sentinel, a nationally recognized institutional investor, had repositioned the portfolio through extensive renovations over a nine-year period. With little perceived upside remaining in the rent roll and strong pricing expectations, the sale presented a unique challenge that required a highly customized and proactive marketing strategy.
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Sale Details
The Fort Riverside Portfolio was sold on November 29, 2016, for $101,500,000, translating to approximately $298.53 per square foot. The portfolio was acquired by Tal Realty, a private family buyer sourced through an outside broker.
Transaction Highlights:
- Sale Price: $101,500,000
- Price per SF: $298.53
- Buyer: Tal Realty
- Seller: Sentinel
- Seller Type: Institutional
- Sale Date: November 29, 2016
- Asset Class: Multifamily – Elevator Portfolio
- Units: 290
- Square Footage: 340,000 SF
- Capitalization Rate: Approx. 3.32%
Property Details
The Fort Riverside Portfolio included five well-maintained, elevator-serviced multifamily buildings at the following addresses:
- 66–72 Fort Washington Avenue
- 80 Fort Washington Avenue
- 86 Fort Washington Avenue
- 844 Riverside Drive
- 838 Riverside Drive
Situated between Fort Washington Avenue and Riverside Drive, these buildings are within walking distance to Riverside Park and Columbia University’s Medical Center, making them highly desirable for long-term renters.
Investment Highlights:
- 5-building elevator portfolio totaling 340,000 SF
- 290 residential units with significant capital improvements
- Located in the heart of Northern Manhattan’s Washington Heights
- Proven in-place income producing a 3.32% cap rate at sale
Market Strategy and Positioning
Given the seller's high pricing expectations and limited perceived upside, Bob Knakal’s team employed a laser-focused marketing strategy targeting buyers with long-term, yield-driven investment mandates.
They leveraged their national database of multifamily investors and brokerage partners to cast a wide net. In total, the team arranged tours with 25 qualified groups, generating 18 competitive offers, which helped drive the final pricing to $101.5 million—meeting the seller’s valuation goals despite initial market skepticism.
Neighborhood Overview
Washington Heights is one of Manhattan’s most dynamic residential neighborhoods, known for its historic architecture, vibrant cultural identity, and park-front real estate.
Key Highlights:
- Minutes from Riverside Park and the Hudson River Greenway
- Close proximity to Columbia University Irving Medical Center
- Access to A, C, and 1 subway lines for direct Midtown connectivity
- A growing residential rental market with a strong community atmosphere
Conclusion
The sale of the Fort Riverside Portfolio is a powerful example of how Bob's targeted marketing strategy and expansive network can generate competitive activity in a pricing-sensitive environment. By aligning the right buyer profile with the seller's long-term vision, Bob Knakal and his team delivered a successful outcome, meeting or exceeding expectations across all five buildings in the portfolio.
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Frequently Asked Questions
Q1: How many buildings were included in the Fort Riverside Portfolio?
Five elevator-serviced multifamily buildings located in Washington Heights.
Q2: What made this portfolio appealing to investors?
Extensive renovations, stable in-place income, and long-term rental appeal in a high-demand Northern Manhattan neighborhood.
Q3: What was the final sale price per square foot?
The portfolio sold for approximately $298.53 per square foot.
