Successful Sale of 551–553 Manhattan Avenue in Harlem, Manhattan
Bob Knakal successfully brokered the $1,900,000 sale of 551–553 Manhattan Avenue, a 2-building, 7-unit multifamily walk-up property located in Harlem, Northern Manhattan. The buildings were sold by Karnic Restaurant Corp., a retail business owner, to Frantz Felix. At a total of 9,782 square feet, the transaction achieved a price of $194.23 per square foot.
This deal highlights Harlem’s appeal to private investors seeking stable, long-term multifamily assets in one of Manhattan’s most historically significant and steadily evolving neighborhoods.
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Sale Details
The buildings at 551–553 Manhattan Avenue attracted strong investor interest due to their scale, location, and income-generating potential.
Sale Price: $1,900,000
Price per Square Foot: $194.23
Buyer: Frantz Felix
Seller: Karnic Restaurant Corp.
Seller Type: Retailer
Asset Class: Multifamily – Walk-Up
Date Closed: December 8, 2005
Key Highlights:
- 9,782 SF across 2 buildings
- Total of 7 residential units
- Situated in the heart of Harlem near Morningside and Central Parks
- Stable cash-flowing asset with long-term appreciation potential
Property Details
The subject properties are located on Manhattan Avenue near West 123rd Street, an area benefiting from neighborhood investment, park access, and transportation links. With classic pre-war architecture and walk-up layouts, the buildings cater to renters seeking proximity to Columbia University, the Apollo Theater, and Harlem’s expanding retail corridor.
Full Address: 551–553 Manhattan Avenue, New York, NY 10027
Square Footage: 9,782 SF
Total Units: 7 residential units
Buildings: 2
Zoning: Residential multifamily
Investment Highlights:
- Prime Harlem location near 125th Street retail corridor
- Close to Morningside Park, Central Park North, and Columbia University
- Stable residential tenancy base
- Value-add potential through interior renovations
Market Strategy and Positioning
Bob Knakal strategically positioned 551–553 Manhattan Avenue as an ideal entry-point asset for a buyer seeking strong upside potential in Harlem. With demand for walk-up buildings growing among private buyers, Bob marketed the property through his extensive investor network, leveraging Harlem’s reputation as a revitalizing submarket with historic charm and access to major institutions.
Neighborhood Overview
Harlem is a cultural cornerstone of Manhattan and has experienced a resurgence driven by new investment, improved infrastructure, and consistent rental demand.
Notable Neighborhood Features:
- Walking distance to Morningside Park, Columbia University, and the 125th Street corridor
- Access to A, B, C, and D subway lines
- Rich architectural legacy with strong preservation efforts
- Rising demand for well-located walk-up properties
Conclusion
The $1.9 million sale of 551–553 Manhattan Avenue reflects Harlem’s strong fundamentals and the ongoing appeal of pre-war multifamily walk-up buildings. Bob Knakal’s market expertise and buyer outreach led to a timely and well-executed transaction, demonstrating the continued value of strategic sales brokerage in Northern Manhattan.
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Frequently Asked Questions
Q1: How many units are in 551–553 Manhattan Avenue?
A1: The property consists of 7 residential units across two buildings.
Q2: What made the property appealing to investors?
A2: Its Harlem location, stable income potential, and pre-war construction made it a desirable multifamily investment.
Q3: What is the total square footage of the property?
A3: The two-building property spans approximately 9,782 square feet.
