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Successful Sale of 209 West 102nd Street, Upper West Side, Manhattan
Bob Knakal successfully closed the sale of 209 West 102nd Street, a 24-unit multifamily walk-up building located in Manhattan’s prestigious Upper West Side. The property, with a total of 11,900 square feet, was sold for $5,375,000 on February 13, 2007, marking another milestone in Bob’s extensive experience with multifamily transactions.
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Sale Details
The property sale was finalized at $5,375,000, with the price per square foot standing at $451.68. This transaction represented an excellent opportunity for the buyer, Jonathan Ruhl, to acquire a prime asset in one of Manhattan’s most sought-after neighborhoods.
Key Sale Highlights:
- Sale Price: $5,375,000
- Sale Date: February 13, 2007
- Property Address: 209 West 102nd Street, New York, NY 10025
- Asset Class: Multifamily - Walk-Up
- Square Footage: 11,900 SF
- Price per SF: $451.68
- Units: 24
- Buyer: Jonathan Ruhl
Bob's expertise was integral in securing a competitive sale price, ensuring the seller achieved a favorable outcome.
Property Details
209 West 102nd Street is a 24-unit walk-up building situated in the heart of the Upper West Side. This multifamily property features a mix of spacious apartments, which have attracted both long-term tenants and investors looking for value in a high-demand location. The building's proximity to Central Park, Riverside Park, and a host of cultural and dining attractions made it an attractive prospect for the buyer.
The Seller: Joel Seidem's Successful Exit
Joel Seidem, the seller, had owned the property for several years and decided to capitalize on the growing demand for Upper West Side multifamily assets. Bob Knakal’s consistent communication with Joel over the years, coupled with his market expertise, helped guide him through the sale process.
Market Strategy and Execution
Bob Knakal’s approach focused on showcasing the property’s potential for long-term value retention, as well as highlighting its prime location in the Upper West Side. The marketing strategy targeted investors seeking stable, income-generating properties in one of Manhattan’s most desirable neighborhoods.
Key elements of the strategy included:
- Emphasizing the property’s strong location and desirable amenities
- Highlighting the potential for rental growth in the Upper West Side
- Engaging a broad network of qualified investors interested in long-term multifamily assets
The successful outcome of the sale was a result of Bob’s skillful negotiation and positioning of the asset.
Neighborhood Overview
The Upper West Side is one of New York City’s most iconic and sought-after residential neighborhoods. Known for its historic brownstones, cultural institutions, and proximity to parks, the Upper West Side offers a blend of quiet, residential living with easy access to the vibrancy of city life. Notable features of the neighborhood include:
- Proximity to Central Park and Riverside Park
- Strong demand for multifamily properties due to the area's appeal
- Excellent schools, cultural venues, and dining options
- High-quality transit options, including subway and bus lines
- Desirable for both long-term tenants and high-net-worth investors
Conclusion
The sale of 209 West 102nd Street demonstrates Bob Knakal’s ability to close competitive transactions in one of New York City’s most prestigious neighborhoods. By leveraging his expertise and market knowledge, Bob was able to achieve an excellent sale price for the seller, while helping the buyer acquire a highly sought-after multifamily asset.
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