Successful Sale of Broadway Retail Portfolio in Harlem, Northern Manhattan
Bob Knakal successfully closed the sale of the Broadway Retail Portfolio, a retail collection located in Harlem, Northern Manhattan. The portfolio, including addresses 3410–3418 Broadway and 547 West 138th Street, changed hands for $24,000,000. Harlem’s strong retail corridor and Northern Manhattan’s continued growth made this sale a notable opportunity for investors.
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Sale Details
This transaction achieved a sale price of $24,000,000, translating to approximately $647.69 per square foot across 37,055 square feet. The sale closed on November 29, 2012.
- Sale Price: $24,000,000
- Price per SF: $647.69
- Square Footage: 37,055
- Units: 6
- Sale Date: November 29, 2012
- Buyer: Parkoff Organization
- Seller: Gary M. Tischler, EMMES
- Asset Class: Portfolio, Retail
The deal highlights the portfolio’s long-term income stability, strategic retail location, and investment upside in Harlem’s growing commercial sector.
Property Details
The Broadway Retail Portfolio is positioned along Harlem’s active commercial corridor:
- Addresses: 3410–3418 Broadway and 547 West 138th Street, New York, NY 10031
- Neighborhood: Harlem, Northern Manhattan
- Asset Class: Retail, Portfolio
- Size: 37,055 SF across six properties
Key Investment Highlights:
- Prime retail frontage along Broadway
- Portfolio scale offering six total units
- Located at the corner of Broadway and West 138th Street
- Situated in one of Harlem’s most active retail markets
Market Strategy and Positioning
At the time of sale, Harlem’s retail market was undergoing significant revitalization, driven by population growth, institutional expansion, and a rise in mixed-use development. The portfolio’s location along Broadway provided consistent retail traffic, ensuring strong long-term leasing potential.
This property fit seamlessly into Northern Manhattan’s trend of attracting both national retailers and local businesses, making it a stable and strategic acquisition for Parkoff Organization.
Neighborhood Overview
Harlem is one of New York City’s most culturally rich and historically significant neighborhoods, with a growing commercial and retail landscape. Its accessibility and ongoing revitalization continue to draw both residents and businesses.
- Vibrant Retail Corridor: Broadway in Harlem is lined with restaurants, shops, and service providers that attract steady foot traffic.
- Cultural Landmarks: The Apollo Theater, Studio Museum, and historic jazz clubs highlight Harlem’s legacy as a cultural center.
- Educational Institutions: Columbia University and City College of New York bring a strong academic presence and student-driven demand.
- Residential Growth: New developments and conversions continue to add housing options, increasing retail demand and investment stability.
In depth: Harlem’s retail resurgence has been fueled by a balance of historic character and modern development. With new residential construction and institutional anchors nearby, the neighborhood remains one of the strongest growth corridors in Northern Manhattan.
Conclusion
The $24,000,000 sale of the Broadway Retail Portfolio underscores the strength of Harlem’s retail sector and the continued investor confidence in Northern Manhattan. Bob Knakal’s role in the transaction highlights its expertise in marketing portfolio opportunities and securing maximum value for property owners.
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Frequently Asked Questions
Q1: What properties were included in the Broadway Retail Portfolio?
The portfolio included six retail units across two primary addresses: 3410–3418 Broadway and 547 West 138th Street in Harlem.
Q2: How large is the portfolio?
The combined square footage totals 37,055, providing a significant scale of retail space across multiple units.
Q3: Why was this portfolio considered an attractive investment?
Its location along Broadway, strong foot traffic, and Harlem’s growing retail market made it appealing for stable income and long-term appreciation.
Q4: What was the sale price per square foot?
The sale achieved a price of approximately $647.69 per square foot, reflecting Harlem’s strong retail demand at the time.
Q5: How does Harlem’s growth affect retail investments?
Harlem’s cultural appeal, expanding residential base, and institutional anchors continue to fuel demand for retail properties, making it a resilient investment submarket.
