Successful Sale of 1115–1119 First Avenue in the Upper East Side, Manhattan
Bob Knakal successfully arranged the sale of 1115–1119 First Avenue, a rare three-building development site in Manhattan’s prestigious Upper East Side. The transaction, which closed on March 10, 2003, achieved a total sale price of $4,500,000. With approximately 103,000 buildable square feet and 60 feet of frontage along First Avenue, the property represented a large-scale development opportunity in one of New York City’s most established residential and mixed-use corridors.
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Sale Details
This transaction stood out for both its size and location in the competitive Upper East Side market.
- Sale Price: $4,500,000
- Price per Buildable SF (BSF): $43.69
- Buyer: Jan Soleimani
- Seller: David, Adeline, and Morty Moskowitz
- Asset Class: Development
- Sale Date: March 10, 2003
Property Details
The property at 1115–1119 First Avenue, New York, NY 10065, sits mid-block between East 61st and East 62nd Streets, in a corridor that combines residential demand with strong institutional and retail presence.
- Lot Dimensions: 60 ft x 70 ft
- Stories: 4 stories across three buildings
- Total Buildable SF: 103,000
- Frontage: 60 feet along First Avenue
- Buildings on Lot: 3 contiguous properties
- Zoning: Suitable for residential and mixed-use development
Investment highlights included:
- Rare Upper East Side assemblage with wide frontage
- Large-scale development potential at attractive pricing
- Proximity to world-class medical, residential, and retail demand drivers
- Long-term appreciation potential within a stable neighborhood
Market Strategy and Positioning
At the time of sale, developers were actively pursuing sites in the Upper East Side that offered both scale and redevelopment potential. By emphasizing the site’s substantial buildable square footage and its strategic location near major hospitals and residential blocks, Bob Knakal positioned the property as a one-of-a-kind investment. This targeted marketing approach generated competitive buyer interest and maximized value for the seller.
Neighborhood Overview
The Upper East Side remains one of Manhattan’s most coveted neighborhoods, known for its blend of residential prestige, cultural depth, and accessibility.
- Healthcare Hub: Just blocks from Memorial Sloan Kettering Cancer Center, NewYork-Presbyterian Hospital, and Weill Cornell Medical Center, the area attracts medical professionals and institutional users.
- Retail & Dining: First Avenue offers a diverse mix of cafes, shops, and restaurants serving local residents and visitors alike.
- Accessibility: Direct access to the FDR Drive, multiple bus lines, and nearby subway stations provides excellent connectivity.
- Residential Reputation: The neighborhood boasts tree-lined streets, top-tier schools, and cultural institutions such as the Metropolitan Museum of Art, enhancing its long-term appeal.
Conclusion
The sale of 1115–1119 First Avenue highlights the ongoing demand for development opportunities in the Upper East Side. With substantial buildable square footage, rare assemblage potential, and a prime location, this transaction reflects the market’s appetite for large-scale projects in Manhattan’s most established neighborhoods. Bob Knakal’s expertise and strategic guidance ensured a successful outcome for all parties involved.
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Frequently Asked Questions
Q1: What type of property is 1115–1119 First Avenue?
It is a three-building development site with four-story structures, offering approximately 103,000 buildable square feet.
Q2: Why was this site attractive to buyers?
Its rare assemblage of three contiguous buildings with 60 feet of frontage offered scale and redevelopment potential in a high-demand neighborhood.
Q3: How much did the property sell for?
The property sold for $4,500,000, translating to $43.69 per buildable square foot.
Q4: Where exactly is the property located?
It is located at 1115–1119 First Avenue, between East 61st and East 62nd Streets in Manhattan’s Upper East Side.
Q5: What is the lot size of the property?
The lot spans 60 feet by 70 feet, creating significant redevelopment potential.
Q6: Why is the Upper East Side considered desirable for development?
The neighborhood offers a combination of luxury residences, strong retail and dining options, top-rated healthcare institutions, and cultural landmarks, making it one of the city’s most stable and sought-after areas.
