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Successful Sale of 553-559 West End Avenue in the Upper West Side
Bob Knakal successfully brokered the sale of 553-559 West End Avenue, a prominent corner property on Manhattan’s Upper West Side. Previously operated as an educational institution by St. Joseph’s Seminary & College, the building was repositioned as a prime residential condominium development site. The transaction closed on September 24, 2014, for $50,000,000.
The historic property presented a rare opportunity for adaptive reuse in a high-demand residential corridor. Bob Knakal and his team skillfully navigated the complexities of the conversion, aligning the seller’s goals with the buyer’s vision for upscale residential redevelopment.
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Sale Details
The sale of 553-559 West End Avenue marked a major milestone for both the seller and buyer. The transaction involved the conversion of a former civic-use building into a high-end residential condo project. Bob Knakal’s leadership and deep understanding of zoning and repositioning strategies ensured a smooth process and strong market response.
- Sale Price: $50,000,000
- Sale Date: September 24, 2014
- Seller Type: Non-Profit Organization
- Asset Type: Civic / Educational Conversion
- Property Type: Residential Condominium Development
- Square Footage: 33,596
- Price per SF: $1,488.27
- Units: 2
- Lot Block/Lot: 1248 / 36
Property Details
Located at 553-559 West End Avenue at the corner of 87th Street, the building was originally used as a seminary school and is known for its distinctive pre-war façade and corner presence. Its strategic location and generous floor plate made it highly attractive for a luxury condo conversion.
The buyer, Tamarkin Co., saw the unique potential to transform the structure into exclusive residences, contributing to the continued growth of the Upper West Side’s luxury housing market.
- Full Address: 553-559 West End Avenue, New York, NY 10024
- Zoning: Residential Conversion
- Building Type: Former Civic / Educational
- Redevelopment Use: Residential Condominium
The Client: A Non-Profit Navigating a Strategic Real Estate Exit
St. Joseph’s Seminary & College operated the building for decades and sought guidance on how to best reposition the asset as part of a broader institutional shift. Bob Knakal and his team provided valuation insights, market analysis, and strategic planning to help the organization unlock the property’s full potential.
By identifying the right buyer with the right development goals, Bob ensured a mission-aligned exit for the non-profit while also delivering a successful outcome at market-setting pricing.
Market Strategy and Conversion Insight
Bob Knakal’s team developed a strategy tailored to the complexities of converting institutional properties. This included:
- Evaluating as-of-right residential uses
- Consulting with architects and zoning attorneys
- Targeting boutique condo developers with experience in adaptive reuse
This approach attracted serious interest and ultimately resulted in a $50M sale that exceeded the seller’s expectations.
Neighborhood Overview: Upper West Side
- Prime residential corridor with enduring demand
- Proximity to Riverside Park and the Hudson River Greenway
- Architectural character preserved through historic conversions
- Near top-ranked public and private schools
- Strong buyer pool for boutique luxury condo projects
Conclusion
The sale of 553-559 West End Avenue highlights Bob Knakal’s expertise in navigating complex property conversions and delivering successful outcomes for institutional sellers. His strategic marketing, buyer alignment, and zoning knowledge transformed a former seminary into one of the Upper West Side’s most compelling residential opportunities.
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Frequently Asked Questions
Q1: What was the original use of 553-559 West End Avenue?
The building was originally used as a seminary school by St. Joseph’s Seminary & College.
Q2: How large is the property and what type of conversion was planned?
The property spans 33,596 square feet and was planned for conversion into luxury residential condominiums.
Q3: Why is this site considered unique in the Upper West Side?
Its prominent corner location, architectural significance, and suitability for high-end condo conversion made it a standout development opportunity in a competitive market.
