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Successful Sale of 1713–1727 Madison Avenue in East Harlem, Manhattan
Bob Knakal successfully closed the sale of 1713–1727 Madison Avenue, a prime four-story development site in the heart of East Harlem, Northern Manhattan. The sale, which closed on November 22, 2016, achieved a price of $6,700,000, reflecting the team’s ability to maximize value for a non-profit seller.
The property presented a unique opportunity for redevelopment with more than 60,000 buildable square feet, making it a highly desirable acquisition in a neighborhood undergoing rapid growth and transformation.
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Sale Details
The transaction highlighted the competitive nature of East Harlem’s development market, with multiple interested buyers and a structured bidding process.
- Sale Price: $6,700,000
- Price per Buildable SF: $110.95
- Seller: Bill Shillady, United Methodist Church (Non-Profit)
- Buyer: Cooke Center School
- Sale Date: November 22, 2016
- Asset Class: Development
Property Details
Situated on Madison Avenue between East 112th and East 113th Streets, the property offers a strong development footprint in a highly visible location. Its lot spans 17,163 square feet with 60,388 buildable square feet, ideal for institutional, residential, or mixed-use projects.
- Full Address: 1713–1727 Madison Avenue, New York, NY 10029
- Lot Size: 17,163 square feet
- Total Buildable SF: 60,388
- Stories: 4
- Block / Lot: 1620 / 40
Key Investment Highlights:
- Prime development site with wide Madison Avenue frontage
- Strong redevelopment potential with over 60,000 BSF
- Centrally located near major transit and cultural institutions
- Positioned in an evolving neighborhood with strong long-term growth
Market Strategy and Positioning
At the time of the sale, East Harlem was attracting increased attention from developers and institutional buyers due to rezoning efforts and the expansion of residential demand north of 96th Street. The site at 1713–1727 Madison Avenue offered both scale and visibility, aligning perfectly with market trends favoring larger development opportunities in emerging submarkets.
By leveraging a competitive bid process, Bob Knakal and his team were able to push pricing beyond initial expectations, ensuring the non-profit seller achieved the best possible outcome.
Neighborhood Overview
East Harlem, also known as El Barrio, has long been recognized as a culturally rich and dynamic neighborhood in Northern Manhattan. Its recent wave of development has further enhanced its appeal.
Neighborhood Highlights:
- Cultural Hub: Known for its deep Latino heritage, with institutions like El Museo del Barrio and the Julia de Burgos Cultural Center.
- Educational and Institutional Presence: The area is home to schools, healthcare centers, and community organizations.
- Transit Access: Served by the 2, 3, 4, 5, and 6 subway lines, with convenient connections to the rest of Manhattan.
- Redevelopment Activity: Significant investment in mixed-use and residential projects has made East Harlem a focal point for long-term growth.
In-depth Description:
East Harlem has become a highly sought-after submarket for both residential and institutional development. The combination of cultural vibrancy, accessibility, and new construction has transformed the area into one of Manhattan’s most promising real estate frontiers. Its proximity to Central Park, Museum Mile, and expanding retail corridors further enhances its attractiveness to both developers and end users.
Conclusion
The sale of 1713–1727 Madison Avenue illustrates the strong demand for development opportunities in East Harlem and the ability of strategic advisors to deliver maximum value. By structuring a competitive process, Bob Knakal secured a premium outcome for the non-profit seller, reinforcing their reputation as trusted experts in New York City’s complex real estate market.
Testimonial
"Bob Knakal and Jonathan Hageman have advised the United Methodist City Society, a religious-based multifaceted program agency, on a significant amount of our real estate issues and dispositions over the years. We turned to them as a trusted advisor because we have found them to know the entire NYC market better than any other broker; they have been completely trustworthy; and because of their unique ability to push pricing for us through their broad and structured bid process."
– Bill Shillady, Chief Executive Officer, The United Methodist City Society
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Frequently Asked Questions
Q1: What type of property was sold at 1713–1727 Madison Avenue?
It was a four-story development site with over 60,000 buildable square feet, ideal for redevelopment into residential, institutional, or mixed-use use.
Q2: How large was the site?
The lot measured 17,163 square feet with a total of 60,388 buildable square feet, making it a significant footprint for development in East Harlem.
Q3: Who purchased the property?
The property was purchased by the Cooke Center School, an educational institution, highlighting the site’s appeal for institutional use.
Q4: What was the price per buildable square foot?
The property sold for $110.95 per buildable square foot, which reflected strong value for the seller in the East Harlem market at the time.
Q5: Why is East Harlem attractive for development?
East Harlem offers cultural richness, excellent transit access, and significant investment activity, making it one of Manhattan’s fastest-evolving neighborhoods.
Q6: What role did the brokers play in the transaction?
Bob Knakal managed a structured bid process that generated competition among buyers, allowing the seller to secure the maximum achievable price.
