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Successful Sale of 72-76 & 78-82 Ellwood Street in Washington Heights, Northern Manhattan
Bob Knakal successfully arranged the sale of 72-76 & 78-82 Ellwood Street, a portfolio of two multifamily walk-up buildings located in the vibrant Washington Heights neighborhood of Northern Manhattan. This transaction, totaling $4,025,000, highlights continued investor demand for value-add multifamily assets in high-occupancy, transportation-rich neighborhoods.
The buildings’ appeal stemmed from their substantial unit count, stable in-place income, and strong upside potential through renovations or repositioning in one of Manhattan’s most active rental markets.
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Sale Details
The two walk-up buildings sold for $4,025,000, representing $93.09 per square foot across 43,240 total square feet. The sale included 60 residential units and was finalized on May 28, 2009.
Key transaction highlights:
- Sale Price: $4,025,000
- Price per SF: $93.09
- Total Units: 60
- Buildings Included: 2 walk-up multifamily properties
- Sale Date: May 28, 2009
- Asset Class: Multifamily – Walk-Up
Property Details
Located on Ellwood Street between West 190th Street and West 192nd Street, these two adjacent buildings offer an attractive investment footprint in Washington Heights. The properties are easily accessible via the A and 1 subway lines, providing direct access to Midtown Manhattan.
Full Address: 72-76 & 78-82 Ellwood Street, New York, NY 10040
Investment highlights:
- Building Count: 2 walk-up multifamily buildings
- Total Residential Units: 60
- Total Square Footage: 43,240 SF
- Price per SF: $93.09
- Transit Access: Steps from the A and 1 trains
Market Strategy and Positioning
Washington Heights continues to attract multifamily investors seeking stable cash flow and long-term appreciation. Bob Knakal positioned the buildings as value-add opportunities, leveraging the high occupancy rates and potential for rental growth. The marketing campaign emphasized the asset’s prime location, its strong tenant base, and the demand for affordable, quality housing in Manhattan’s northern submarkets.
Neighborhood Overview
Historic charm with modern energy: Washington Heights offers a mix of pre-war architecture and evolving retail corridors. The neighborhood is well-known for its cultural vibrancy, diverse dining scene, and close-knit community feel.
Transportation convenience: Residents benefit from multiple subway lines and easy access to major roadways, connecting them quickly to Midtown and beyond.
Nearby attractions and amenities:
- The Cloisters Museum & Fort Tryon Park – Offering serene green spaces and world-class art collections.
- Highbridge Park – A recreational hub with trails, sports facilities, and river views.
- Local dining scene – Known for its authentic Latin American cuisine and family-owned eateries.
Conclusion
The sale of 72-76 & 78-82 Ellwood Street underscores the strong investor appetite for multifamily assets in Northern Manhattan. Bob Knakal’s expertise in market positioning and buyer outreach ensured a smooth transaction and optimal results for the seller. This portfolio’s combination of location, scale, and growth potential made it a standout opportunity in the Washington Heights market.
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Frequently Asked Questions
Q1: What type of buildings are 72-76 & 78-82 Ellwood Street?
They are two pre-war walk-up multifamily buildings with a total of 60 residential units. These buildings maintain classic architectural details while offering functional layouts that appeal to long-term tenants.
Q2: How large is the combined property?
Together, the buildings offer approximately 43,240 square feet of rentable space, translating to a competitive $93.09 per square foot sale price.
Q3: What is the neighborhood like?
Washington Heights is a culturally rich neighborhood in Northern Manhattan, known for its historic character, diverse population, and strong community atmosphere. It is well-connected by public transit and offers a variety of parks, dining, and retail options.
