.avif)
Successful Sale of 169-175 East 101st Street in East Harlem, Manhattan
Bob Knakal and his team successfully facilitated the sale of 169-175 East 101st Street in East Harlem, Manhattan, marked the successful transfer of a substantial multifamily walk-up asset comprised of four interconnected buildings. The property, featuring 120 residential units and over 68,000 buildable square feet, drew investor attention due to its rare scale and strategic East Harlem location.
The seller, Russ Appel of The Praedium Group, completed the transaction with Ron Glazer of Latham Properties for a total of $12,000,000. The sale closed on February 26, 2009, reflecting a price of $175.80 per square foot.
Walk-Up Building Sales - For the complete list click here Walk Up Buildings
Sale Details
This transaction reflects growing investor interest in value-oriented multifamily opportunities north of 96th Street.
- Sale Price: $12,000,000
- Buyer: Ron Glazer, Latham Properties
- Seller: Russ Appel, The Praedium Group
- Asset Type: Multifamily – Walk-Up
- Sale Date: February 26, 2009
- Price per SF/BSF: $175.80
Notable Features:
- 120 rent-stabilized units spread across four contiguous buildings
- Rare mid-block assemblage offering operational economies of scale
- Delivered in-place income with long-term upside through renovations
- Prime East Harlem location just a block from Lexington Avenue transit
Property Details
Located on East 101st Street between Lexington and Third Avenues, 169-175 East 101st Street is situated within the heart of East Harlem, a submarket known for its strong rental demand and rapid transformation over the past two decades.
- Full Address: 169-175 East 101st Street, New York, NY 10029
- Borough: Manhattan
- Neighborhood: East Harlem
- Block / Lot: 1629 / 24
- Buildings on Lot: 4
- Units: 120
- Total SF / BSF: 68,260
- Lot Size: Not disclosed
- Stories: Not disclosed
Investment Highlights:
- Large-scale multifamily package with 120 residential units
- Walk-up configuration ideal for value-add repositioning
- High-foot-traffic corridor with multiple development projects nearby
- Close proximity to 103rd Street Subway Station (6 train)
Market Strategy and Positioning
At the time of sale in early 2009, Northern Manhattan continued to attract both private and institutional investors seeking better yields than those available in core Midtown markets. The buyer, Latham Properties, likely saw long-term upside in East Harlem’s ongoing gentrification and its increasing rental demand from both working-class families and young professionals.
With over 68,000 buildable square feet across four buildings, the property offered operational scale, renovation potential, and eventual exit optionality—whether through condo conversion, hold-and-operate strategy, or future development.
Neighborhood Overview
East Harlem, also known as El Barrio, is one of Manhattan’s most culturally vibrant neighborhoods. The area has seen a steady influx of development and community investment, drawing interest from investors, restaurateurs, and artists alike.
Nearby attractions and notable locations include:
- Museum of the City of New York
A cultural institution showcasing NYC’s history and social evolution. It draws school groups, tourists, and locals interested in the city’s heritage. The museum frequently hosts exhibitions and panels that shape public discourse around urban planning and culture. - El Museo del Barrio
Dedicated to Latin American and Caribbean art, El Museo serves as a cultural anchor in East Harlem. It celebrates the community’s rich Puerto Rican and Latino history through visual art, educational programs, and public events. - Thomas Jefferson Park
A major recreational space offering an Olympic-sized pool, athletic fields, and playgrounds. It’s a central hub for East Harlem families and a sign of the city’s investment in public infrastructure. - 103rd Street–Lexington Avenue Subway Station (6 train)
Just steps away from the property, this station provides residents with direct access to Midtown Manhattan, enhancing the area’s appeal to commuters.
Conclusion
The successful sale of 169-175 East 101st Street underscores the continued appeal of large-scale multifamily assets in East Harlem. The buyer secured a high-yield opportunity in a neighborhood with strong fundamentals, long-term upside, and excellent transit connectivity. The transaction reflects the strategic thinking and foresight necessary to identify value even during uncertain economic periods.
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
Frequently Asked Questions
Q1: How many residential units are in the property at 169-175 East 101st Street?
There are 120 residential units spread across four separate walk-up buildings, offering significant operational scale and consistent in-place income.
Q2: What type of investment opportunity does this property represent?
This is a classic value-add multifamily opportunity. The buyer can potentially increase revenue through unit renovations, improved management, or eventual redevelopment, depending on zoning and tenant rights.
Q3: What makes East Harlem attractive to multifamily investors?
East Harlem offers more affordable pricing per square foot than core Manhattan while maintaining strong rental demand, excellent public transportation, and ongoing neighborhood revitalization through city-led investments.
