Successful Sale of 14 & 16 West 64th Street in Manhattan’s Upper West Side
Bob Knakal successfully brokered the sale of a multifamily walk-up property at 14 & 16 West 64th Street, located in the vibrant Upper West Side of Manhattan. The property, consisting of two buildings with a total of 25 units, sold for $4,000,000 in January 2004.
Bob’s expertise in the multifamily market helped the seller, Gavin Wolf, achieve a strong sale price despite challenges in the market at the time. Through a tailored strategy and precise negotiations, Bob was able to secure a deal that exceeded expectations.
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Sale Details
- Sale Price: $4,000,000
- Sale Date: January 29, 2004
- Buyer: Rubin Pikus, Monddial Associates LLC
- Seller: Gavin Wolf
- Property Type: Multifamily Walk-Up
- Square Footage: 16,863 SF
- Price Per SF: $237.21
- Address: 14 & 16 West 64th Street, New York, NY 10023
- Borough: Manhattan
- Neighborhood: Upper West Side
Property Details
The property at 14 & 16 West 64th Street is a two-building multifamily walk-up, offering a total of 25 residential units spread across 16,863 square feet. This charming walk-up, located in the well-established and desirable Upper West Side neighborhood, had consistent demand from renters seeking the unique living experience offered by this classic New York City building type.
The Client: A Seller Seeking Strategic Guidance
Gavin Wolf, a high-net-worth individual, had reached out to Bob Knakal for expert advice on selling this multifamily asset. Despite the challenges of marketing a multifamily walk-up in the early 2000s, Bob worked closely with Gavin to develop a strategy that highlighted the property’s strengths while addressing market conditions.
Through Bob’s efforts, the sale price of $4,000,000 was achieved, providing Gavin with a solid return on his investment.
Market Strategy and Execution
Bob Knakal’s strategy for this sale involved:
- Focusing on the property’s high demand for residential units in the Upper West Side
- Targeting investors and buyer groups looking for multifamily assets in established neighborhoods
- Ensuring the property’s value was communicated effectively, emphasizing its location and potential for long-term rental income
Bob’s deep understanding of market dynamics, combined with his strong negotiation skills, helped him navigate the sale to a successful conclusion.
Neighborhood Overview: Upper West Side
- Highly sought-after area known for its historic charm and cultural amenities
- Proximity to Central Park, Lincoln Center, and the American Museum of Natural History
- Residential character with a mix of walk-up buildings and high-rise apartment complexes
- Excellent access to public transportation, including the 1, 2, and 3 subway lines
- Vibrant dining and retail options, appealing to a variety of residents and investors
Conclusion
The sale of 14 & 16 West 64th Street is a prime example of Bob Knakal’s ability to maximize value for clients in the multifamily market. Through targeted marketing and a strategic approach, Bob was able to secure a favorable sale price for Gavin Wolf, ensuring a successful transaction.
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