Successful $4.65M Sale of 1510 Second Avenue in the Upper East Side
Bob Knakal successfully completed the sale of 1510 Second Avenue, a mixed-use development property located between East 78th and East 79th Streets in Manhattan’s prestigious Upper East Side. The property commanded significant interest from investors and developers due to its prime location, existing income, and redevelopment potential, ultimately closing at $4,650,000.
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Sale Details of the Upper East Side Mixed-Use Development Site
The transaction represented a major success in the highly competitive Upper East Side market. By leveraging strategic positioning and investor outreach, Bob Knakal ensured the seller received maximum value while safeguarding their long-term interests.
Key Sale Highlights:
- Sale Price: $4,650,000
- Price per Buildable SF: $569.85
- Buyer: Trevor Davis
- Seller: Peter Weiss
- Asset Class: Development, Mixed-Use
- Sale Date: October 5, 2004
Property Details of 1510 Second Avenue
The property at 1510 Second Avenue offered a rare investment opportunity in one of Manhattan’s most established mixed-use corridors. With a combination of retail and residential components, the site provided both stable income and development upside.
Property Highlights:
- Address: 1510 Second Avenue, New York, NY 10021
- Lot Size / Buildable SF: 8,160 buildable square feet
- Stories: Four-story building
- Units: Five residential apartments
- Building Type: Mixed-use with retail at grade and residential above
Market Strategy and Positioning of the Sale
In 2004, the Upper East Side market was experiencing strong demand for mixed-use and development opportunities. With limited inventory in the corridor, properties like 1510 Second Avenue were viewed as rare and highly competitive investments.
Bob Knakal’s marketing strategy highlighted the property’s zoning flexibility, redevelopment potential, and in-place income. This dual positioning generated interest from both developers and investors, creating competition that drove value for the seller.
Why the Upper East Side is a Premier Development Market
The Upper East Side has long been one of Manhattan’s most desirable neighborhoods, offering a blend of historic charm, cultural richness, and strong residential demand. Its appeal to both residents and businesses makes it one of New York City’s most stable and sought-after submarkets.
Neighborhood Highlights:
- Prestigious Residential Market: Home to some of Manhattan’s most notable luxury co-ops, condominiums, and historic brownstones.
- Cultural Institutions: Steps away from Museum Mile, Central Park, and top educational and medical institutions.
- Retail & Dining Corridor: Second Avenue and Madison Avenue feature a mix of neighborhood retail, boutique shops, and acclaimed dining establishments.
- Transportation Access: The Q subway line and multiple bus routes ensure convenient connectivity for residents and businesses.
Conclusion: A Landmark Upper East Side Transaction
The successful sale of 1510 Second Avenue underscores both the enduring value of Upper East Side real estate and Bob Knakal’s proven ability to navigate complex development transactions. By strategically positioning the property and protecting the seller’s interests, Bob ensured a result that maximized value in one of Manhattan’s most competitive markets.
Testimonial from the Seller
“Bob Knakal has been our family’s go-to sales broker for many years. Bob has sold several properties for us and this one was the most challenging. Bob was with us each step of the way and really protected our interests. Being our ‘trusted advisor’ is an understatement. We greatly appreciate our longstanding relationship with Bob Knakal.”
— Edward Weiss, Paprikas Weiss
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Frequently Asked Questions About the 1510 Second Avenue Sale
Q1: What type of property was 1510 Second Avenue?
1510 Second Avenue was a mixed-use property featuring ground-floor retail and five residential units above. With a total of 8,160 buildable square feet, the site also carried redevelopment potential, making it attractive to both income-focused investors and developers.
Q2: Where exactly is 1510 Second Avenue located?
The property is located on Second Avenue between East 78th Street and East 79th Street in the Upper East Side of Manhattan—an area known for its residential prestige, cultural institutions, and strong retail presence.
Q3: What was the sale price and price per buildable square foot?
The property sold for $4,650,000, equating to $569.85 per buildable square foot—a strong valuation that reflected the scarcity of mixed-use development opportunities in the Upper East Side.
Q4: Who were the buyer and seller in this transaction?
The buyer was Trevor Davis, while the seller was Peter Weiss, represented by Bob Knakal. Bob provided strategic guidance throughout the process to secure the optimal outcome for the seller.
Q5: What factors made 1510 Second Avenue attractive to buyers?
The property’s prime Upper East Side location, mixed-use character, zoning flexibility, and redevelopment upside made it appealing. Combined with in-place residential income, the site offered both stability and long-term growth potential.
Q6: How does this sale reflect the broader Upper East Side market?
This sale highlighted the high demand for redevelopment opportunities in the Upper East Side, where limited supply and consistent demand continue to drive strong investor interest.
Q7: What role did Bob Knakal play in the success of this sale?
Bob Knakal positioned the property to appeal to a wide range of investors, balancing its immediate income with redevelopment potential. His experience and market knowledge ensured the seller achieved a premium price while minimizing risk.
