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Successful Sale of the Simkowitz Portfolio Across Manhattan, Northern Manhattan, and Westchester
Bob Knakal and his team successfully arranged the sale of the Simkowitz Portfolio, a substantial collection of 12 elevator buildings across various high-demand neighborhoods including Harlem, Morningside Heights, the Upper West Side, Pelham Parkway, and Washington Heights. The transaction closed on February 27, 2003 for a total consideration of $109,000,000.
The seller, longtime property owner Isadore Simkowitz, had held these assets for generations. With over 850,000 square feet of rentable space and 745 units, the portfolio represented one of the most significant elevator multifamily sales of the early 2000s. Bob Knakal’s guidance proved crucial in maximizing value and facilitating a seamless, multi-location closing.
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Sale Details
This multi-neighborhood sale involved a sizable footprint and highly desirable elevator assets, culminating in a price of $109 million, or $128.24 per square foot.
Transaction Highlights:
- Sale Price: $109,000,000
- Total BSF: 850,000
- Price per SF: $128.24
- Units: 745
- Asset Class: Multifamily – Elevator Portfolio
- Buyer: Empire Management (Fred Ohebshalom)
- Seller: Isadore Simkowitz
- Seller Type: Private Family
- Sale Date: February 27, 2003
Portfolio Included:
- 21 Fifth Avenue (Elevator)
- 509 & 515 West 110th Street
- 517 West 113th Street
- 603–611 West 140th Street
- 652–662 & 664–674 West 163rd Street
- 680–692 West End Avenue
- 2160, 2180 & 2181 Wallace Avenue
- 2181 Barnes Avenue
Property Details
Spanning multiple boroughs and markets, the Simkowitz Portfolio included elevator buildings strategically positioned in growth and legacy neighborhoods alike. The buildings varied in style and era, with consistent core traits such as large floor plates, pre-war charm, and long-standing tenancy.
Key Investment Highlights:
- 12 Elevator Buildings across Manhattan, the Bronx, and Westchester
- 745 Units – majority rent-stabilized
- Over 850,000 SF of rentable space
- Locations in high-demand submarkets including Morningside Heights and West End Avenue
- Stable cash-flowing assets with repositioning potential
Market Strategy and Positioning
At the time of sale, multifamily elevator assets were seeing increased investor attention due to their long-term stability and development upside. Bob Knakal positioned the Simkowitz Portfolio to emphasize its strong tenant base, scale, and geographic diversity—factors that drew competitive bids from institutional and private buyers alike.
By targeting operators looking for long-term hold assets with upside, Bob was able to generate strong market interest despite the portfolio's size and complexity. His team also managed detailed due diligence across multiple buildings and boroughs, ensuring a smooth close.
Neighborhood Overview
The properties were located across several of New York’s most active multifamily corridors:
- Upper West Side – High-income, low-vacancy neighborhood steps from Riverside Park
- Morningside Heights – Anchored by Columbia University, popular with professionals and students
- Harlem & Washington Heights – Historic, rapidly appreciating areas with deep tenant demand
- Pelham Parkway (Bronx) – Transit-accessible, community-oriented location
- Pelham (Westchester) – Quiet residential area with suburban appeal
Location Benefits:
- Proximity to major universities and hospitals
- Access to multiple subway and Metro-North stations
- Established rent rolls and low vacancy across buildings
- Strong long-term appreciation potential
Conclusion
The $109 million sale of the Simkowitz Portfolio marks a major milestone in New York City's multifamily investment landscape. With over 850,000 square feet and hundreds of units spread across diverse and desirable locations, the deal illustrates the strength of the elevator multifamily sector.
Bob Knakal’s deep understanding of the New York real estate market and unmatched portfolio execution helped the Simkowitz family navigate a significant transition and achieve a record-setting price.
Testimonial
“We had owned our properties for generations and the decision to sell was not an easy one. Our family needed some professional help with the sales process and Bob Knakal and his team were the perfect choice for us. They held our hands each step along the way and produced an absolutely outstanding price for us. We could not have been happier with the service they provided.”
– Isadore Simkowitz
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Frequently Asked Questions
Q1: What neighborhoods were included in the Simkowitz Portfolio?
The portfolio included properties in Harlem, Morningside Heights, the Upper West Side, Washington Heights, Pelham Parkway in the Bronx, and Pelham in Westchester.
Q2: How many units were part of the sale?
The portfolio consisted of approximately 745 residential units across 12 elevator buildings.
Q3: Who represented the seller in the transaction?
Bob Knakal and his team represented the Simkowitz family in the sale.
