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Successful Sale of 65 Fort Washington Avenue in Washington Heights
Bob Knakal brokered the sale of 65 Fort Washington Avenue, a substantial elevator multifamily building in Washington Heights, Northern Manhattan. The 41-unit building was acquired by Stellar Management, led by Laurence Gluck, from institutional seller First Nationwide Bank.
This sale marked a significant value acquisition at a time when large elevator assets in Manhattan could still be secured at deep discounts—laying the groundwork for future repositioning and long-term growth.
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Sale Details
The property closed on October 4, 1994, for a total price of $750,000, reflecting just $9.62 per square foot—a remarkably low entry point for a 78,000 square foot elevator building in Manhattan. The seller, a banking institution, was motivated to offload the asset, opening the door for opportunistic buyers like Stellar Management to enter at scale.
- Sale Price: $750,000
- Price per SF: $9.62
- Buyer: Stellar Management (Laurence Gluck)
- Seller: First Nationwide Bank
- Seller Type: Institutional – Bank
- Sale Date: October 4, 1994
- Asset Class: Multifamily – Elevator
- Number of Units: 41
Property Details
Located on Fort Washington Avenue, the building is positioned in the heart of Washington Heights, a neighborhood known for its prewar architecture and strong rent-stabilized tenant base. The asset offered significant scale with 78,000 square feet and 41 residential units, making it ideal for a long-term buy-and-hold or value-add strategy.
- Full Address: 65 Fort Washington Avenue, New York, NY 10032
- Block / Lot: 2136 / 145
- Square Footage: 78,000
- Units: 41
- Building Type: Elevator Multifamily
- Neighborhood: Washington Heights
Buyer Strategy and Vision
Laurence Gluck and Stellar Management were building a strong portfolio of rent-stabilized and value-add multifamily properties during this period. This acquisition fit squarely into that thesis: a large, underutilized elevator building with strong bones and cash-flow potential in a rising Northern Manhattan market.
Bob Knakal’s ability to identify the opportunity and execute a clean sale between an institutional seller and a seasoned operator helped ensure a smooth transfer of ownership at a time when the multifamily market was beginning to turn.
Neighborhood Overview
Washington Heights has long been a neighborhood of historic architecture, community resilience, and transportation accessibility. In the 1990s, its attractive building stock and proximity to Columbia Presbyterian Hospital and multiple subway lines made it a favorite for long-term investors.
Neighborhood Highlights:
- Close to Columbia University Irving Medical Center
- Easy access to the A and 1 subway lines
- Abundant prewar elevator and walk-up stock
- Vibrant cultural and residential mix
Conclusion
The sale of 65 Fort Washington Avenue in 1994 underscores the importance of timing and vision in real estate investing. With Bob Knakal’s guidance, Stellar Management secured a rare opportunity to acquire a large-scale elevator building at a fraction of replacement cost, setting the stage for future value creation.
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Frequently Asked Questions
Q1: What type of property is 65 Fort Washington Avenue?
It is a 41-unit elevator-serviced multifamily building in Washington Heights, Northern Manhattan.
Q2: Who acquired the property and from whom?
Laurence Gluck of Stellar Management acquired the property from First Nationwide Bank.
Q3: What was the sale price and cost per square foot?
The sale price was $750,000, or just $9.62 per square foot across 78,000 square feet.
