Successful Sale of 316 East 59th Street in the Upper East Side, Manhattan
Bob Knakal successfully arranged the sale of 316 East 59th Street, an industrial user property located in the Upper East Side of Manhattan. The property was sold on February 6, 1992, for $556,000, reflecting Bob’s ability to secure the best outcome for his client, S. Rapoport.
This three-story building, totaling 3,080 square feet, presented a valuable opportunity for a medical user, with its adaptable layout and strong location appeal near the East River and Midtown Manhattan.
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Sale Details
The transaction at 316 East 59th Street demonstrates the success of a carefully executed sales process in one of Manhattan’s most competitive neighborhoods.
- Sale Price: $556,000
- Price per SF/BSF: $180.52
- Buyer: Alex Aingorn (Medical User)
- Seller: S. Rapoport
- Asset Class: Industrial, User
- Sale Date: February 6, 1992
Property Details
Situated on East 59th Street between First and Second Avenues, the property benefits from a strategic Upper East Side location with easy access to Midtown offices, the Queensboro Bridge, and the FDR Drive.
Full Address: 316 East 59th Street, New York, NY 10022
Key Property Highlights:
- Three-story industrial building totaling 3,080 SF
- Adaptable space suited for medical or user occupancy
- Lot within a highly desirable Manhattan submarket
- Delivered as a single-unit property for owner use
Market Strategy and Positioning
At the time of sale, demand for user buildings in prime Manhattan neighborhoods remained strong, particularly for properties adaptable to medical, office, or showroom purposes. The strategy focused on identifying user-occupants who valued proximity to Midtown’s commercial core while also leveraging the prestige of an Upper East Side address.
Bob Knakal’s persistence and deep market knowledge ensured the right buyer was matched to the property, maximizing value for the seller.
Neighborhood Overview
The Upper East Side is one of Manhattan’s most desirable residential and commercial neighborhoods, offering prestige and accessibility.
Key Neighborhood Highlights:
- Cultural appeal: Close to renowned museums such as The Met and The Frick Collection.
- Medical hub: Proximity to major medical institutions including NewYork-Presbyterian and Memorial Sloan Kettering.
- Accessibility: Easy access to the FDR Drive, Queensboro Bridge, and multiple subway lines.
- Vibrant mix: A blend of luxury residences, cultural institutions, and commercial users creates long-term stability.
The location of 316 East 59th Street places it within walking distance of Midtown Manhattan, making it highly attractive to medical professionals and business users seeking a prestigious yet convenient base.
Conclusion
The sale of 316 East 59th Street underscores the value of persistence, local knowledge, and strategic positioning in achieving successful outcomes for clients. With his unmatched expertise, Bob Knakal once again demonstrated his ability to guide owners through complex transactions and secure the right buyer for unique user properties.
Testimonial
"Bob, I never thought we were going to get this building sold but you never gave up. You are a tireless and relentless broker and you did a great job for me. Thank you so much!"
— Ileana Ross
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Frequently Asked Questions
Q1: What type of property is 316 East 59th Street?
It is a three-story industrial building located on Manhattan’s Upper East Side, sold as a user property suitable for medical or professional use.
Q2: What was the sale price of 316 East 59th Street?
The building was sold for $556,000, equating to $180.52 per square foot based on the property’s total size of 3,080 SF.
Q3: Who purchased the property?
The buyer was Alex Aingorn, a medical user who saw value in the building’s adaptability and strategic location near Midtown.
