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Successful Sale of 234-236, 238-240, 242-246 East 50th Street in Midtown East, Manhattan
Bob Knakal successfully closed the sale of a three-building multifamily portfolio located at 234-236, 238-240, and 242-246 East 50th Street in Midtown East, Manhattan.
This transaction involved a blend of walk-up and elevator buildings totaling 51,540 buildable square feet and was purchased by prominent investor Benjamin Ohebshalom of Shalom Bros.
Positioned in one of Midtown Manhattan’s most stable residential enclaves, the portfolio’s mix of classic walk-up units and an elevator building offered a compelling long-term investment opportunity in a location with consistent rental demand.
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Sale Details
This Midtown East multifamily portfolio traded for $2,850,000, with a blended price of $55.30 per buildable square foot.
The sale was finalized on June 16, 1993, with Stephen Rosenthal, a high-net-worth investor, acting as the seller.
- Buyer: Benjamin Ohebshalom, Shalom Bros
- Seller: Stephen Rosenthal
- Asset Class: Multifamily – Elevator & Walk-Up
- Total SF/BSF: 51,540
- Units: 23 residential units across three buildings
- Sale Price: $2,850,000
- Price per SF: $55.30
- Date Closed: June 16, 1993
Property Details
The buildings are situated midblock on East 50th Street between Second and Third Avenues, a quiet residential corridor tucked inside the bustling Midtown East submarket. The portfolio includes two walk-up buildings and one elevator building, providing a variety of unit types to appeal to a range of renters.
Full Address:
234-236, 238-240, 242-246 East 50th Street, New York, NY 10022
Investment Highlights:
- Building Count: 3 contiguous buildings
- Unit Count: 23 total residential units
- Configuration: 1 elevator building (242-246 E 50th) and 2 walk-up buildings
- Total Buildable SF: 51,540
Market Strategy and Positioning
In the early 1990s, Midtown East was already emerging as a dependable rental market thanks to its central location, proximity to major employers, and access to transit. Bob Knakal positioned the property to highlight its long-term income potential and the rare availability of a contiguous multifamily package with elevator service in this part of the city.
The buyer, a seasoned investor in New York City real estate, was attracted by the strong fundamentals and the upside potential through unit turnover and upgrades.
Neighborhood Overview
Midtown East is known for its blend of classic brownstones, luxury high-rises, and a strong mix of corporate and residential tenants. Its reputation as one of Manhattan’s most accessible and stable neighborhoods continues to drive strong demand for rental units.
Notable Features:
- Walking distance to Grand Central Terminal
- Close to UN Headquarters and Turtle Bay
- Easy access to E/M/6 subway lines
- Consistent rental demand from professionals working in Midtown and the East Side
Conclusion
The sale of 234-246 East 50th Street demonstrates the continued investor appetite for stable, well-located multifamily assets in Midtown East.
Bob Knakal’s ability to identify the right buyer and communicate the long-term value of the portfolio was key to executing a successful transaction at favorable terms.
This sale further reinforces our commitment to providing tailored real estate guidance for private investors in New York City’s most sought-after neighborhoods.
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Frequently Asked Questions
Q1: What types of buildings are included in the 234-246 East 50th Street portfolio?
The portfolio consists of three buildings: two are walk-up style and one (242-246 East 50th Street) is an elevator building with 23 units.
Q2: How many units are in the combined property?
There are a total of 23 residential units across the three buildings.
Q3: What makes this Midtown East location attractive for multifamily investors?
Midtown East is known for its consistent rental demand, proximity to transit and employment hubs, and blend of residential and commercial uses—making it ideal for long-term income-producing investments.
