Successful Sale of 1516-1518 First Avenue in the Upper East Side, Manhattan
Bob Knakal successfully closed the sale of 1516-1518 First Avenue, a 37,500 buildable square foot mixed-use development site in Manhattan’s sought-after Upper East Side. This property, located between East 79th and East 80th Streets, presented a rare opportunity in one of the city's most prestigious residential neighborhoods.
The seller, Burt Resnick of The Resnick Family, a high-net-worth developer, achieved an exceptional outcome through Bob’s wide-reaching marketing approach that created competitive tension among prospective buyers.
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Sale Details
This mixed-use development site sold for $14,750,000 on May 29, 2015, equating to approximately $393.33 per buildable square foot. The property was acquired by Marty Hollander, a well-known investor, after a strategic and targeted marketing campaign.
Key Sale Information:
- Sale Price: $14,750,000
- Price per Buildable SF: $393.33
- Buyer: Marty Hollander
- Seller: Burt Resnick, The Resnick Family
- Seller Type: High-Net-Worth Individual / Developer
- Units: 22
- Asset Class: Development, Mixed-Use
- Sale Date: May 29, 2015
Property Details
Located at 1516-1518 First Avenue, New York, NY 10075, this property lies on a prime Upper East Side block between East 79th and East 80th Streets. With excellent visibility and access to public transit, this corner site sits in one of the most established residential corridors in Manhattan.
Investment Highlights:
- Lot Size: Two adjacent lots totaling 37,500 buildable square feet
- Buildings on Lot: 2
- Units: 22
- Zoning: Development, Mixed-Use
- Borough: Manhattan
- Neighborhood: Upper East Side
This location provides proximity to major subway lines, top-tier schools, and institutions such as Lenox Hill Hospital, enhancing its long-term desirability for mixed-use redevelopment.
Market Strategy and Positioning
At the time of sale, the Upper East Side real estate market was experiencing strong demand for mid-sized development parcels. Bob Knakal’s positioning of this site emphasized its corner-lot exposure, generous buildable square footage, and prime neighborhood credentials.
By casting a wide net through his established marketing channels and leveraging his local expertise, Bob attracted a pool of qualified developers and investors. This process resulted in a competitive environment and ultimately led to the best outcome for the seller.
Neighborhood Overview
The Upper East Side is one of Manhattan’s most affluent and desirable neighborhoods, known for its elegant townhouses, top-ranked schools, and vibrant commercial corridors.
Nearby Attractions & Highlights:
- Central Park just a few blocks west
- Museum Mile including the Metropolitan Museum of Art
- Fine dining and shopping along Madison and Lexington Avenues
- Access to the Q, 4, 5, and 6 subway lines
Key Neighborhood Characteristics:
- Stable, family-oriented community
- Strong demand for residential and mixed-use properties
- Walkable with a mix of historic and modern architecture
- Proximity to world-class medical institutions and schools
Conclusion
The sale of 1516-1518 First Avenue exemplifies Bob Knakal’s unmatched ability to generate interest and negotiate the most favorable outcomes in competitive markets. By combining comprehensive outreach with market insight, Bob achieved a strong result for a seasoned seller and demonstrated the value of trusted brokerage expertise.
Testimonial
“I have admired and respected Bob Knakal’s wide marketing approach which maximizes exposure and creates competitive bidding. He achieved a great result for us on this site.”
— Burt Resnick, Jack Resnick & Sons
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Frequently Asked Questions
Q1: What type of property is 1516-1518 First Avenue?
It is a two-building, 22-unit mixed-use development site with approximately 37,500 buildable square feet.
Q2: What made this site attractive to investors?
Its Upper East Side location, corner-lot positioning, and development potential made it a highly sought-after opportunity.
Q3: Was this a single-building sale or part of a portfolio?
The sale included two adjacent buildings on a single lot, sold together as a unified development site.
