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Successful Sale of 601 West 137th Street and Surrounding Portfolio in Hamilton Heights, Manhattan
Bob Knakal successfully closed the sale of a major elevator multifamily portfolio located at 601 West 137th Street and four adjacent buildings in the heart of Hamilton Heights, Northern Manhattan. The transaction involved five contiguous properties stretching across a full block from Riverside Drive to Broadway.
The portfolio was acquired by Charles Dayan from renowned developer Gary Barnett of Extell Development. The five-building assemblage totaled 245,760 buildable square feet and included 245 residential units. This significant sale underscores the strong demand for stable, large-scale multifamily assets in uptown Manhattan.
Portfolio Sales - For the complete list click here Portfolio Sales
Sale Details
This elevator multifamily portfolio traded for a total of $66,000,000, reflecting a price per buildable square foot of $268.55.
- Buyer: Charles Dayan
- Seller: Gary Barnett, Extell Development
- Sale Date: December 10, 2012
- Asset Class: Multifamily – Elevator Portfolio
Portfolio Highlights:
- Total Units: 245
- Total Buildings: 5
- Frontage: Full-block spanning 512 feet
- Depth: 100 feet
- Lot Size: 512 x 100
- Stories: 6 per building
- Square Footage / Buildable: 245,760 SF
Property Details
The properties are located on the north side of West 137th Street, spanning the entire block between Riverside Drive and Broadway—an exceptionally rare offering in Hamilton Heights. The portfolio comprises:
- 601 West 137th Street (a.k.a. 3381–3389 Broadway)
- 605, 607, 609, and 611 West 137th Street (611 a.k.a. 600 Riverside Drive)
The full-block presence, proximity to major transit lines, and strong tenant base make these buildings desirable long-term investments.
Key Investment Highlights:
- Year Built: Early 20th century (pre-war charm with modern upgrades)
- Stories: 6
- Elevator Buildings: All five buildings are equipped with elevators
- Dimensions: 512 feet of continuous frontage across 100 feet of depth
- Buildable SF: 245,760 SF with 245 units
Market Strategy and Positioning
The sale of this portfolio was timed to capture surging investor interest in large, rent-stabilized assets with long-term upside in Northern Manhattan. Despite the regulatory climate, well-maintained elevator buildings with scale continue to attract both institutional and private capital seeking stable income-producing properties.
Hamilton Heights, in particular, remains an attractive submarket for investors looking for exposure to emerging neighborhoods with strong rental demand and historical architecture.
Neighborhood Overview
Hamilton Heights, a subsection of West Harlem, is celebrated for its historic brownstones, academic institutions, and sweeping views of the Hudson River. The neighborhood blends cultural richness with urban convenience, offering both investors and tenants an appealing location.
Nearby Highlights:
- Riverside Park and the Hudson River Greenway
- City College of New York
- Columbia University nearby
- Excellent subway access via the 1, A, B, C, D lines
Key Features of the Neighborhood:
- Historic, architecturally rich housing stock
- Strong rental demand from students and professionals
- Proximity to both Morningside Heights and Manhattanville
- Growing commercial activity along Broadway and Amsterdam
Conclusion
The sale of this five-building multifamily portfolio at 601 West 137th Street and neighboring addresses represents one of the more significant trades in Hamilton Heights in recent memory. The sheer scale, full-block frontage, and elevator access across all buildings made it a standout asset.
Bob Knakal’s ability to navigate the complex market dynamics of Northern Manhattan ensured a seamless transaction that met the goals of both buyer and seller. The deal highlights the continued strength of demand for large multifamily assets in well-positioned uptown neighborhoods.
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Frequently Asked Questions
Q1: How many buildings were included in the portfolio sale?
A total of five elevator buildings spanning a full block on West 137th Street were included.
Q2: How many residential units are in the portfolio?
There are 245 residential units across all five buildings.
Q3: What was the total sale price of the portfolio?
The portfolio sold for $66,000,000.
Q4: What is the total square footage or buildable square footage of the portfolio?
The portfolio includes 245,760 square feet of buildable space.
Q5: Where is the portfolio located?
The portfolio is located on West 137th Street between Riverside Drive and Broadway, in Hamilton Heights, Manhattan.
Q6: What types of tenants are typically drawn to this area?
The neighborhood appeals to students, professionals, and long-term renters due to its proximity to universities and convenient transportation options.
