Successful Sale of 156-160 Front Street in Manhattan’s Financial District
Bob Knakal arranged the sale of 156-160 Front Street, a 62-unit elevator apartment building located in the heart of the Financial District (FiDi). The transaction closed on October 18, 1995, at a price of $5,400,000. The seller, Columbia Savings Bank, sought a swift and reliable exit, which Bob and his team facilitated with precision.
Positioned near the South Street Seaport and key transit lines, this elevator building represented one of the rare mid-size multifamily assets in the area with long-term upside. The buyer, Arnold Goldstein, acquired the property for $129.65 per square foot, recognizing its rental income stability and prime downtown location.
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Sale Details
This elevator multifamily asset traded hands on October 18, 1995, for $5,400,000, reflecting a price per square foot of $129.65.
- Buyer: Arnold Goldstein
- Seller: Columbia Savings Bank
- Seller Type: Institutional (Bank)
- Asset Class: Multifamily – Elevator
- Units: 62
- Square Footage: 41,650
- Price per SF: $129.65
- Sale Date: October 18,1995
Property Details
Situated at 156-160 Front Street, New York, NY 10038, the property lies at the southeast corner of Front Street and Pine Street—steps from the South Street Seaport and Wall Street.
As a classic pre-war elevator building in FiDi, one of Lower Manhattan's most rapidly transitioning neighborhoods, the property benefits from both historical charm and modern demand for rental housing.
- Elevator building in a rapidly residentializing district
- 41,650 SF across 62 units, presenting scale and stability
- Located near transit hubs, including Fulton Street Station and Wall Street
- Strong rental upside with value-add repositioning opportunity
Market Strategy and Positioning
In the mid-1990s, FiDi was beginning its transformation from a financial work hub into a mixed-use live-work-play destination. Residential conversions, adaptive reuse projects, and increasing interest from both local and institutional investors contributed to renewed momentum in the area.
This sale aligned with market trends at the time, as investors recognized the long-term potential of underutilized assets in emerging residential corridors. With 62 units and an elevator—a rare feature in buildings of this size—the asset stood out as a prime candidate for long-term repositioning.
Neighborhood Overview
The Financial District (FiDi) is known for its unique mix of history, waterfront access, and economic influence. In the decades since this sale, the area has continued to evolve, with more residential units, luxury rentals, and hotels added to the skyline.
- South Street Seaport, a revitalized cultural and retail hub
- One World Trade Center and the Oculus, offering transit and commercial access
- Battery Park and East River Esplanade, providing green space and recreation
- Stone Street, a historic cobblestone block home to some of Manhattan’s most popular restaurants
Conclusion
The acquisition of 156-160 Front Street in 1995 was a timely move in a neighborhood on the cusp of transformation. The elevator building’s scale, location, and upside potential positioned it as an ideal long-term hold for investors seeking entry into the evolving residential FiDi market.
This successful transaction underscores the value of local market expertise and strategic timing when identifying underappreciated assets with strong fundamentals.
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Frequently Asked Questions
What type of property is 156-160 Front Street?
It is a 62-unit multifamily elevator building located in the Financial District of Manhattan.
How much did the property sell for?
The property sold for $5,400,000, or approximately $129.65 per square foot.
What makes this property a strong investment?
Its elevator feature, scale, and location in a growing residential market make it an ideal value-add opportunity with long-term upside potential.
