Successful Sale of 820–830 Riverside Drive in Washington Heights, Manhattan
Bob Knakal successfully brokered the $5,600,000 sale of 820–830 Riverside Drive, a classic multifamily walk-up building in the Washington Heights section of Northern Manhattan. With 45 residential units spanning approximately 50,910 square feet, the property traded for $110 per square foot—highlighting continued investor interest in value-add assets across Upper Manhattan.
The building was acquired by Richad Esposito of Prana Growth Fund, a buyer focused on long-term multifamily investments. The transaction marked a strategic acquisition for Prana, given the asset’s scale, unit count, and proximity to the scenic Hudson River corridor.
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Sale Details
This multifamily sale aligned with the early 2000s trend of increased private capital targeting walk-up assets in Upper Manhattan neighborhoods, driven by rising rents and long-term appreciation potential.
Sale Price: $5,600,000
Price per Square Foot: $110.00
Buyer: Richad Esposito, Prana Growth Fund
Seller: Joseph Rich
Asset Class: Multifamily – Walk-Up
Date Closed: October 21, 2003
Key Highlights:
- 45-unit multifamily walk-up
- 50,910 total square feet
- Strong in-place cash flow with upside potential
- Located near public parks, transit, and educational institutions
Property Details
820–830 Riverside Drive is a pre-war, brick walk-up apartment building located between West 157th and West 158th Streets, just off the Hudson River and adjacent to Riverside Park. With 45 units spread across a substantial footprint, the property offered investors scale and location at a favorable cost basis.
Full Address: 820–830 Riverside Drive, New York, NY 10032
Neighborhood: Washington Heights
Total Units: 45
Square Footage: 50,910 SF
Zoning: Multifamily residential
Investment Highlights:
- Strong occupancy history in a rent-stable district
- Large unit layouts suitable for families or roommates
- Easy access to the 1 and C subway lines
- Proximity to Columbia University Medical Center and Riverside Park
Market Strategy and Positioning
Bob Knakal recognized the property's long-term potential as an income-producing multifamily asset in a rising neighborhood. He positioned the property to appeal to private investors and funds looking for scale, stability, and upside in a transitioning submarket.
Washington Heights, with its combination of affordable housing stock and increasing demand from new renters, offered a compelling story to buyers focused on long-term cash flow and neighborhood appreciation. Bob’s direct outreach to multifamily-focused investors helped drive a swift and competitive transaction.
Neighborhood Overview
Washington Heights has emerged as one of Northern Manhattan’s most active submarkets, with a mix of historic architecture, vibrant community life, and access to some of the city's most scenic parkland.
Notable Neighborhood Features:
- Overlooks the Hudson River and the George Washington Bridge
- Home to Riverside Park and Fort Washington Park
- Quick commute to Midtown via the 1, A, and C trains
- Growing interest from institutional and private investors
Conclusion
The $5.6 million sale of 820–830 Riverside Drive is a strong example of well-executed multifamily investment in Washington Heights. Bob Knakal’s strategy of targeting the right buyer pool and emphasizing long-term value helped secure a solid outcome for both seller and buyer. As Northern Manhattan continues to evolve, transactions like this highlight the area’s growing appeal among savvy real estate investors.
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Frequently Asked Questions
Q1: How many units are in 820–830 Riverside Drive?
A1: The property contains 45 residential walk-up units.
Q2: What is the size of the building?
A2: The total square footage of the building is approximately 50,910 square feet.
Q3: Why is Washington Heights a strong market for multifamily investment?
A3: Washington Heights offers affordability, stable tenancy, and growing demand—making it attractive for long-term investors seeking cash flow and appreciation.
