Successful Sale of 666 West 162nd Street in Washington Heights, Manhattan
Bob Knakal successfully arranged the sale of 666 West 162nd Street, a 49-unit elevator apartment building in the Washington Heights section of Northern Manhattan. Located just west of Broadway, the property is a prime example of stable, income-generating multifamily real estate in an area with strong tenant demand and upside potential.
This transaction was conducted between Abba Soloff of 2985 Ocean LLC and Nader Ohebshalom of Gatsby Enterprises. Bob Knakal and his team facilitated the deal, leveraging their deep understanding of the Northern Manhattan multifamily market.
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Sale Details
The property closed on October 7, 2011, for a total price of $6,000,000, translating to $113.13 per square foot based on the 53,034 buildable square feet.
Key Deal Points:
- Sale Price: $6,000,000
- Price per SF: $113.13
- Buyer: Abba Soloff, 2985 Ocean LLC
- Seller: Nader Ohebshalom, Gatsby Enterprises
- Seller Type: High-Net-Worth Investor
- Asset Type: Multifamily - Elevator
- Units: 49
- Neighborhood: Washington Heights
- Borough: Northern Manhattan
- Sale Date: October 7, 2011
Property Details
666 West 162nd Street is situated between Broadway and Fort Washington Avenue, a highly desirable section of Washington Heights known for its historic character and proximity to Columbia University Medical Center.
This pre-war elevator building spans 53,034 square feet across 49 residential units, offering a combination of spacious layouts and long-term tenant stability.
- Pre-war Elevator Building with durable infrastructure
- Total Square Footage: 53,034 SF
- Number of Units: 49 apartments
- Block/Lot: 2136 / 175
- Zoning & Use: Multifamily residential
- Excellent Access: Close to the 1 and C subway lines
Market Strategy and Positioning
At the time of the sale in 2011, investors were actively pursuing elevator multifamily buildings in Washington Heights due to their rent roll durability and potential for operational efficiencies. The area’s combination of strong tenant retention, upside in regulated rents, and proximity to major institutions like NewYork-Presbyterian Hospital created a compelling case for acquisition.
Bob Knakal positioned this property to highlight its long-term value, high occupancy, and scalability for professional management, securing a well-capitalized buyer ready to move swiftly.
Neighborhood Overview
Washington Heights is one of Northern Manhattan’s most established and resilient multifamily submarkets. Known for its rich culture, attractive housing stock, and excellent transportation links, it remains a top choice for both tenants and investors.
- Home to Columbia University Irving Medical Center and NewYork-Presbyterian Hospital
- Served by multiple subway lines (1, A, C) for rapid Midtown access
- Mix of pre-war and post-war apartment buildings with stabilized income
- Close to Highbridge Park and the historic Morris-Jumel Mansion
Conclusion
The sale of 666 West 162nd Street reinforces the strength of the Washington Heights multifamily market and the value of working with an experienced advisory team. Bob Knakal’s strategic guidance and market insight ensured a successful outcome for both parties, closing the transaction at a strong price per square foot and securing a quality buyer for this elevator building.
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Frequently Asked Questions
Q1: What type of property is 666 West 162nd Street?
A: It is a 49-unit pre-war elevator multifamily building located in Washington Heights, Northern Manhattan.
Q2: What was the sale price and price per square foot?
A: The building sold for $6,000,000, or $113.13 per square foot based on 53,034 square feet.
Q3: Why is Washington Heights a strong market for multifamily investors?
A: Washington Heights offers stable rent rolls, excellent public transportation, proximity to major medical centers, and a high demand for rental housing.
