.avif)
Successful Sale of 32-46 West 125th Street in Harlem, Manhattan
Bob Knakal successfully arranged the sale of the retail condominium at 32-46 West 125th Street, located in the heart of Harlem, Northern Manhattan. This retail space, situated at the base of a 13-story building housing a charter school above, posed unique challenges due to usage restrictions and encumbrances. Despite these complexities, Bob and his team’s strategic positioning and market expertise resulted in a highly competitive bidding process and a successful closing at $10,500,000.
Successful Sales Stories - For the complete list click here Success Stories
Sale Details
The sale of 32-46 West 125th Street demonstrates the impact of a tailored sales process in a highly competitive retail market.
- Sale Price: $10,500,000
- Price per SF/BSF: $1,256.13
- Buyer: Jeff Sutton
- Seller: Sol Baum, Esq.
- Sale Date: April 14, 2017
- Asset Class: Retail Condominium
- Units: 1
Transaction Highlights
- Generated 67 signed Confidentiality Agreements.
- Conducted 24 property tours.
- Received 19 competitive offers.
- Multiple bidding rounds led to a final price 31% above the asking price.
- Hard contract executed within five months of marketing launch.
Property Details
The property is located at 32-46 West 125th Street, New York, NY 10027, between Frederick Douglass Boulevard and Lenox Avenue. This premier retail condominium sits at the base of a 13-story building and occupies one of Harlem’s most heavily trafficked retail corridors.
Key Property Highlights:
- Lot Size: 18,732 SF
- Retail Condominium Space: 8,359 SF
- Building Stories: 13
- Located beneath a charter school with unique restrictions on use and signage
Market Strategy and Positioning
Given the restrictions imposed by the charter school and New York City’s School Construction Authority, the marketing strategy focused on investors with a track record of handling complex properties. Bob Knakal and his team worked closely with stakeholders to identify which restrictions could be modified and positioned the property to highlight long-term upside potential.
By targeting experienced buyers and creating a multi-round bidding environment, the team maximized value and ultimately achieved a sale price that far exceeded expectations.
Neighborhood Overview
Harlem remains one of Northern Manhattan’s most iconic and evolving neighborhoods. Known for its rich cultural history and ongoing redevelopment, Harlem continues to attract retail investors and developers seeking strong visibility and foot traffic.
Neighborhood Highlights:
- Vibrant Retail Corridor: West 125th Street is home to national retailers, local businesses, and major commercial anchors.
- Cultural Landmarks: The Apollo Theater and Studio Museum in Harlem attract visitors and add cultural value.
- Transportation Access: Excellent subway and bus connections make the area highly accessible.
- Ongoing Development: Harlem continues to benefit from investment in mixed-use, retail, and residential projects.
Just steps away from the property, tenants benefit from Harlem’s strong daytime and nighttime activity, ensuring consistent consumer demand.
Conclusion
The sale of 32-46 West 125th Street highlights Bob Knakal’s ability to navigate complex deal structures and deliver superior results. By identifying the right pool of buyers, negotiating through usage restrictions, and creating a competitive bidding process, the team achieved a price 31% higher than the initial ask.
This transaction demonstrates both the strength of Harlem’s retail market and the value of experienced representation when dealing with challenging property dynamics.
Testimonial
“I have seen some innovative and creative approaches to overcoming problems on deals but Bob Knakal and his team really pulled a rabbit out of a hat on this one to get such a high price. Wow, what a job!”
— Sol Baum, Esq.
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
Frequently Asked Questions
Q1: What type of property is 32-46 West 125th Street?
It is a retail condominium located at the base of a 13-story building in Harlem, with 8,359 square feet of commercial space.
Q2: Why was this property considered challenging to sell?
The retail condo sat below a charter school, limiting permissible uses, signage opportunities, and requiring approval from the School Construction Authority for modifications.
Q3: How did Bob Knakal’s team create value in this transaction?
By targeting buyers experienced with complex assets, working with the school and SCA on modifications, and creating a multi-round bidding process that drove the price up 31% above the initial ask.
Q4: What was the final sale price and price per square foot?
The property sold for $10,500,000, translating to $1,256.13 per square foot.
