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Successful Sale of 26 East 95th Street in Upper East Side, Manhattan
Bob Knakal successfully completed the sale of 26 East 95th Street, a classic elevator multifamily building on the Upper East Side of Manhattan. The property was acquired by The Diller-Quaile School of Music, marking a strategic real estate purchase for institutional use.
This early-career transaction reflected Bob’s ability to broker user-driven sales and pair mission-oriented buyers with well-located assets in Manhattan's most established neighborhoods.
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Sale Details
The sale closed on May 19, 1994, with a purchase price of $995,000, representing $182.90 per square foot. The seller, Kayvan Hakim, a high-net-worth individual, benefited from a strong market and a motivated institutional buyer.
The transaction involved a fully leased 9-unit elevator building that aligned with the school’s expansion plans and long-term presence in the neighborhood.
- Sale Price: $995,000
- Price per SF: $182.90
- Buyer: Diller-Quaile School of Music
- Seller: Kayvan Hakim
- Sale Date: May 19, 1994
- Asset Class: Multifamily – Elevator, User
- Number of Units: 9
Property Details
Nestled on East 95th Street between Madison and Fifth Avenues, the building sits just steps from Central Park and Museum Mile. The property's classic Upper East Side architecture and mid-block location offered charm, discretion, and long-term value.
- Full Address: 26 East 95th Street, New York, NY 10128
- Block / Lot: 1506 / 59
- Total SF: 5,440
- Submarket: Carnegie Hill
- Building Class: Elevator Multifamily
Investment Highlights:
- Nine residential units across 5,440 square feet
- Elevator access throughout the building
- Excellent location near Central Park and top-tier cultural institutions
- Acquired by an end-user for educational and institutional expansion
Market Strategy and Positioning
This transaction involved matching a user-buyer with a high-quality building in a prime location. At the time, institutions such as the Diller-Quaile School were seeking ownership over leased facilities in order to secure operational stability and control over future growth.
Bob Knakal positioned the property as ideal for institutional acquisition, emphasizing location, building scale, and flexibility for classroom or administrative conversion. The school’s existing proximity further supported their decision to acquire rather than rent.
Neighborhood Overview
Located in the heart of Carnegie Hill, a refined sub-neighborhood of the Upper East Side, the property sits in a serene residential block lined with limestone townhomes and boutique apartment buildings. The area is distinguished by elite private schools, cultural landmarks, and proximity to Central Park.
Neighborhood Highlights:
- One block from Central Park and the Reservoir loop
- Near The Jewish Museum, Cooper Hewitt, and Neue Galerie
- Steps from Madison Avenue’s high-end retail and dining
- Surrounded by top schools including Dalton, Spence, and Hunter College Campus Schools
Conclusion
The sale of 26 East 95th Street exemplifies Bob Knakal’s early track record in matching user-buyers with buildings tailored to long-term ownership. This transaction not only served the needs of a respected institution but also demonstrated the foresight of property acquisition as a means of organizational growth and sustainability.
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Frequently Asked Questions
Q1: What type of building is 26 East 95th Street?
It is a 9-unit, elevator-serviced multifamily building located in Manhattan’s Carnegie Hill neighborhood.
Q2: Who purchased the property and for what purpose?
The Diller-Quaile School of Music acquired the property for long-term institutional use.
Q3: How much was the property sold for?
The building sold for $995,000, which equates to approximately $182.90 per square foot.
