Successful Sale of 1176 Second Avenue in Manhattan’s Upper East Side
Bob Knakal successfully brokered the sale of a unique, multi-level retail condo located at 1176 Second Avenue in the heart of Manhattan’s Upper East Side. The property, which had remained vacant for years, posed marketing challenges due to its unusual layout—primarily below grade with only a small street-level footprint.
Bob’s experience, targeted outreach, and understanding of neighborhood dynamics resulted in a direct match between the space and the most appropriate buyer, ultimately leading to a seamless $2.8 million transaction.
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Sale Details
This sale involved a 3-story retail condominium spanning approximately 8,300 square feet. Despite the property’s unconventional layout—with most of the space located below grade—it was positioned in a vibrant commercial corridor known for its concentration of home décor and design showrooms.
Bob Knakal identified the most likely buyer profile as a user from within this niche and conducted direct outreach to local design-oriented tenants. That focus paid off, as the final buyer, Sherle Wagner, a luxury bath accessory designer, acquired the space for $2,800,000.
- Sale Price: $2,800,000
- Sale Date: August 22, 2006
- Buyer: Sherle Wagner
- Seller: Empire Realty Group
- Seller Type: Developer
- Property Type: Retail Condo (User)
- Square Footage: 8,300 SF
- Price Per SF: $337.35
- Address: 1176 Second Avenue, New York, NY 10065
- Borough: Manhattan
- Neighborhood: Upper East Side
Property Details
1176 Second Avenue is a three-story retail condominium in the Upper East Side. What makes this property particularly distinct is its vertical configuration: a modest street-level entrance paired with two additional levels situated below grade.
Despite its physical challenges and prolonged vacancy, the property’s proximity to other design-focused businesses made it an ideal candidate for a user operating within that industry. This niche appeal ultimately became the cornerstone of Bob Knakal’s marketing strategy.
The Client: A Developer Seeking a Targeted Exit
Joe Mittlemann of Empire Realty Group had worked with Bob Knakal on several previous sales and knew that the unique characteristics of 1176 Second Avenue would require a customized, hands-on approach. The space had sat empty for years, and the team recognized it was time to reposition the asset for sale.
Bob immediately identified that a user—rather than an investor—would likely see the most value in the space. After determining that decorators and design professionals were the most appropriate target, Bob personally contacted dozens of potential buyers in that field. This led directly to Sherle Wagner, the ultimate purchaser.
Market Strategy and Targeted Outreach
Bob’s strategy focused on identifying niche user-buyers by leveraging his deep understanding of the local business environment. Recognizing the neighborhood’s design-centric commercial appeal, Bob:
- Contacted dozens of decorator and design tenants
- Positioned the retail condo as a long-term solution for showroom or branded retail use
- Maximized exposure without casting too wide a net, preserving exclusivity
By narrowing the buyer pool to those most likely to appreciate the asset’s unique structure and location, Bob was able to convert a long-vacant property into a successful sale.
Neighborhood Overview: Upper East Side
- Located near the intersection of Second Avenue and East 62nd Street
- Dense concentration of decorator showrooms, boutique retail, and interior design offices
- High foot traffic from residents and shoppers in a well-established residential neighborhood
- Well-connected via Second Avenue Subway and nearby crosstown transit
- Longstanding reputation for luxury lifestyle and refined retail experience
Conclusion
The sale of 1176 Second Avenue demonstrates Bob Knakal’s ability to craft precise marketing strategies for unconventional assets. By tapping into the specific buyer profile most suited to this retail condo, Bob turned a long-vacant, below-grade space into a successful $2.8 million transaction. His understanding of market dynamics and relentless outreach led to a smooth closing and exceeded client expectations.
Testimonial
“Bob Knakal had sold several assets for me previously and when it was time to sell 1176 Second Avenue, I knew the transaction was not going to be easy and knew exactly who I was going to have sell it for me. This three-story retail condo was mostly below grade with two levels below the small space at street level. The space sat vacant for many years and we decided it was time to sell it. Bob told us that the likely buyer was a user and, more specifically, a user from the decorator & design industry given the predominance of these tenants in the neighborhood. Bob called on every one of those tenants and found the perfect user buyer for me. What can I say, he hit the ball out of the park for me on this very difficult transaction. I highly recommend Bob to anyone looking for flawless execution of a marketing process.”
– Josef Mittlemann, Empire Realty Group
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