Successful Sale of 509 West 212th Street in Inwood, Northern Manhattan
Bob Knakal and his team successfully closed the sale of 509 West 212th Street, a 44-unit multifamily walk-up located in the vibrant Inwood neighborhood of Northern Manhattan. The property was acquired by Shaul Kopelowitz from high-net-worth seller Steven Ferrarra. The transaction closed on March 23, 2016, marking another notable multifamily sale in this historically stable and rapidly evolving market.
Positioned at the northernmost edge of Manhattan, this asset stands out for its significant unit count and nearly 38,000 square feet of rentable space—making it a rare, large-scale investment in an area known for high occupancy and consistent demand.
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Sale Details
The transaction for 509 West 212th Street closed at $7,500,000, translating to a price per square foot of $197.68, a compelling value given the building’s size and location.
- Buyer: Shaul Kopelowitz
- Seller: Steven Ferrarra
- Seller Type: High-Net-Worth Individual
- Sale Date: March 23, 2016
Key Sale Highlights:
- 44-unit walk-up building in a stable submarket
- Below $200/SF in a high-demand Manhattan neighborhood
- Strong income-producing potential with upside
Property Details
509 West 212th Street sits on a quiet, tree-lined block in Inwood, just steps from Broadway and close to both Isham Park and Inwood Hill Park. The neighborhood continues to attract residents seeking affordability, access to nature, and proximity to transit.
Full Address:
509 West 212th Street, New York, NY 10034
Investment Highlights:
- 44 residential units across 37,940 square feet
- Classic prewar walk-up structure
- Ideal for long-term rental income with low turnover
- Located near the 1 and A subway lines for quick access downtown
The building offers a mix of spacious units and is well-positioned to benefit from Inwood’s continued residential growth and rezoning initiatives.
Market Strategy and Positioning
Northern Manhattan, particularly Inwood, remains one of the few areas in Manhattan offering large multifamily properties at below-market pricing per square foot. This property was strategically positioned to attract investors looking to secure a foothold in a neighborhood known for long-term renters, dependable income streams, and value-add potential.
In an increasingly compressed Manhattan market, assets like 509 West 212th Street appeal to buyers who value scale, stability, and upside in neighborhoods undergoing thoughtful development.
Neighborhood Overview: Inwood
Inwood sits at the northern tip of Manhattan and is known for its mix of parkland, historic apartment buildings, and a strong community feel. In recent years, the neighborhood has seen growing interest from developers and institutional investors.
Neighborhood Highlights:
- Near Inwood Hill Park and Isham Park
- Home to Columbia University's Baker Athletics Complex
- Affordable alternative to central Manhattan with excellent transit access
- Rapidly developing retail corridors with new restaurants and amenities
Conclusion
The sale of 509 West 212th Street underscores the ongoing demand for well-located, large multifamily assets in Northern Manhattan. With its 44 units, substantial square footage, and location in one of the city's last affordable residential enclaves, this property represented a strategic acquisition for the buyer. Our team was proud to support the transaction, helping both parties achieve their objectives in a competitive environment.
For more insights into multifamily opportunities in Northern Manhattan, please reach out to our team.
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Frequently Asked Questions
Q1: How many units are in the property at 509 West 212th Street?
The building includes 44 residential units.
Q2: What is the total size of the building?
The property has a rentable area of 37,940 square feet.
Q3: Why is Inwood considered a desirable location for investors?
Inwood offers affordability, access to parks and transit, and increasing development interest—making it ideal for long-term rental investment.
