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Successful Sale of 174 Duane Street in TriBeCa, Manhattan
Bob Knakal successfully arranged the sale of 174 Duane Street, a mixed-use building in the heart of TriBeCa, Manhattan. Sold for $11,500,000, the property was part of the Century Portfolio and was later converted from a multi-unit mixed-use building into a luxury single-family residence, reflecting the ongoing demand for bespoke residential properties in one of New York City's most exclusive enclaves.
Situated on a picturesque cobblestone block, 174 Duane Street offered rare townhouse potential in a neighborhood where such conversions have become increasingly desirable among high-net-worth buyers.
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Sale Details
This standalone asset sold for $11.5 million, with a price per square foot of $1,071.96. The property was acquired by Stefano Farsura and sold by Raymond Gindi of Century 21 Stores, a high-net-worth retailer. The sale closed on June 12, 2013, and was part of the high-profile Century Portfolio.
Transaction Highlights:
- Sale Price: $11,500,000
- Price per SF/BSF: $1,071.96
- Buyer: Stefano Farsura
- Seller: Raymond Gindi, Century 21 Stores
- Sale Date: June 12, 2013
- Asset Class: Conversion, Mixed-Use
- Portfolio: Century Portfolio
Property Details
174 Duane Street is ideally located between Hudson Street and Greenwich Street in the core of TriBeCa, one of Manhattan’s most architecturally distinct and culturally rich neighborhoods. The block is lined with historic cast-iron buildings and benefits from landmark district charm and low-density surroundings.
Full Address: 174 Duane Street, New York, NY 10013
Zoning: Mixed-Use (Converted to Single-Family Residential)
Lot Size: N/A
Total Square Footage: 10,728 SF
Units Before Sale: 3
Key Investment Highlights:
- Converted from a 3-unit mixed-use building to a luxury single-family residence
- Located in the landmark-protected Duane Park Historic District
- Boutique property with nearly 11,000 SF of prime space
- Part of the prestigious Century Portfolio sale
Market Strategy and Positioning
Bob Knakal strategically positioned this asset as a rare conversion opportunity for end-users or investors seeking a customizable high-end townhouse in a low-supply market. As zoning regulations and landmark restrictions limit new development in TriBeCa, the property's footprint and mixed-use designation offered a rare window for transformation. The broader market trend of converting multi-unit buildings into private residences aligned with this sale, driving premium buyer interest.
Neighborhood Overview
TriBeCa is known for its quiet elegance, historic charm, and premium real estate values. It consistently ranks as one of the most desirable neighborhoods in New York City.
Neighborhood Highlights:
- Home to top-rated restaurants like Locanda Verde and Bubby’s
- Near Hudson River Park and Duane Park
- Zoned for acclaimed public schools like P.S. 234
- Long-standing appeal among celebrities and affluent professionals
Conclusion
The sale of 174 Duane Street stands as a prime example of how expert positioning and market timing can unlock significant value in a competitive real estate environment. Bob's role in marketing this property within the broader Century Portfolio ensured optimal visibility and results for the seller. The conversion to a single-family residence is a strong testament to both the flexibility of the asset and the demand for luxury homes in TriBeCa.
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Frequently Asked Questions
Q1: What was the original use of 174 Duane Street?
The building was a 3-unit mixed-use property, which was later converted into a single-family luxury residence.
Q2: What made this property appealing for a conversion?
Its generous floorplate, TriBeCa location, and inclusion in the landmark-protected district made it ideal for a high-end residential transformation.
Q3: Was this sale part of a larger portfolio?
Yes, 174 Duane Street was sold as part of the Century Portfolio, a group of assets held by Century 21 Stores.
