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Successful Sale of 236 East 60th Street, a Mixed-Use Retail and Residential Building in Midtown East
Bob Knakal successfully brokered the sale of 236 East 60th Street, a four-story mixed-use building located in Manhattan’s Midtown East. The property was owned by James Grafstein, a longtime retailer and operator of Grafstein Antiques. The sale closed on April 16, 2010, for $3,200,000, marking a meaningful transaction for a seller whose family had held the building for years.
This transaction is an example of how careful attention to client concerns and strategic communication can lead to successful outcomes, even in complex situations where sellers are unfamiliar with the real estate process or wary of potential broker bias toward buyers.
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Sale Details
When it came time to sell the family’s only real estate holding, James Grafstein turned to Bob Knakal, with whom he had maintained contact for several years. Bob had consistently shared market insights and data with James, offering a strong foundation of trust that ultimately led to the decision to move forward.
Key Sale Highlights:
- Sale Price: $3,200,000
- Sale Date: April 16, 2010
- Property Address: 236 East 60th Street, New York, NY 10022
- Asset Class: Mixed-Use (Retail and Residential)
- Building Size: 4,560 SF
- Price per SF: $701.75
- Stories: 4
- Units: 6
- Buyer Type: User
- Buyer: John Salibello Furniture (Retail Operator)
From the start, the seller expressed concern that brokers might prioritize repeat buyer relationships over his best interests. Bob’s responsiveness and client-first approach ensured the seller felt supported, understood, and confident throughout the process.
Property Details
The building at 236 East 60th Street is a four-story structure with a ground-floor retail space and residential units above. With 4,560 square feet of space, the property offered excellent frontage on a busy Midtown East block, ideal for both retail operation and long-term value. Its legacy as the home of Grafstein Antiques added character to the offering, and its configuration was particularly attractive to users seeking both presence and functionality in a prime Manhattan corridor.
The Client: A Seller Focused on Family Legacy
James Grafstein’s decision to sell was shaped by a desire to make the most of his family’s major asset while ensuring the process was handled with care and consideration. Although not a real estate expert, James had been regularly receiving updates from Bob, which helped him better understand the market context. This foundation of knowledge, combined with Bob’s clear communication and sensitivity to client concerns, resulted in a smooth and successful transaction.
Market Strategy and Buyer Engagement
Bob Knakal focused on identifying users who would benefit from the property’s location and existing infrastructure, rather than speculators. This strategy paid off, as the buyer, John Salibello Furniture, found the space to be a perfect fit for its operations. The building’s layout and positioning helped facilitate direct interest without the need for extensive marketing or open bidding, allowing for a more controlled and client-focused sale.
Neighborhood Overview
Midtown East is one of Manhattan’s most dynamic and well-connected neighborhoods, offering consistent demand for mixed-use properties. Key features include:
- Proximity to the Queensboro Bridge and major transportation arteries
- Accessibility to Upper East Side clientele and a strong daytime population
- Retail vibrancy along East 60th Street, with a mix of national brands and boutique stores
- Well-established residential base, ideal for mixed-use properties with apartments above storefronts
- Appeal to users and owner-occupiers, particularly in buildings with legacy retail history
Conclusion
The sale of 236 East 60th Street is a prime example of Bob Knakal’s relationship-driven approach to brokerage. By staying in touch with James Grafstein over the years, Bob created a lasting rapport that allowed him to guide the client through a major financial decision with care, expertise, and integrity. The resulting sale not only achieved full market value but also honored the legacy of a family-owned building in one of New York City’s busiest retail corridors.
Testimonial
“For many years, Bob Knakal sent me market data on building sales in Manhattan. While I owned only one building, it was my family's major asset and I was always interested in Bob's market information and his views on the market. When it was time to sell, I was very concerned that brokers would only look at me as a one-shot deal and would favor the buyers who might be repeat customers. Bob made me feel like I was his only client, was very responsive and communicative and I felt like he was constantly thinking about what was best for me—not him and the buyer. I couldn't give anyone a higher recommendation than Bob Knakal and his team.”
— James Grafstein, Grafstein Antiques
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