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Successful Sale of 164 West 81st Street in Upper West Side, Manhattan
Bob Knakal successfully closed the sale of 164 West 81st Street, a classic eight-unit walk-up apartment building located in the heart of Manhattan’s Upper West Side. The property presented an exceptional opportunity for multifamily investors seeking stable income and long-term upside in one of the city’s most desirable residential neighborhoods.
The transaction involved experienced investor Neal Weinstein of Debrill Realty 81 LLC acquiring the building from DDD Realty LLC, led by Ronald Demilt, a high-net-worth owner who had maintained the property for many years.
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Sale Details
This multifamily sale closed on November 15, 2010, at a price of $4,250,000, translating to $1,129.12 per square foot for the building’s 3,764 square feet.
- Buyer: Neal Weinstein, Debrill Realty 81 LLC
- Seller: DDD Realty LLC, Ronald Demilt
- Asset Class: Multifamily – Walk-Up
- Sale Price: $4,250,000
- Price per SF: $1,129.12
- Date Closed: November 15, 2010
Key Highlights:
- 8-unit walk-up building in a core Upper West Side location
- Below replacement cost with significant value-add potential
- Rare opportunity to acquire in a historically low-vacancy submarket
- Fully occupied at the time of sale with stable cash flow
Property Details
Located on West 81st Street between Columbus Avenue and Amsterdam Avenue, the property sits just one block from the American Museum of Natural History and Central Park.
- Full Address: 164 West 81st Street, New York, NY 10024
- Borough: Manhattan
- Neighborhood: Upper West Side
- Block / Lot: 1211 / 155
- Zoning: Residential Multifamily (Walk-Up)
- Units: 8
- Square Footage: 3,764 SF
- Stories: Not disclosed, but consistent with walk-up buildings in the neighborhood
Investment Highlights:
- Prime location within the Central Park West Historic District
- Excellent long-term appreciation potential
- Fully stabilized asset with operational upside
- Situated near the B, C, and 1 subway lines for easy transit access
Market Strategy and Positioning
During the time of sale, Manhattan's multifamily market was rebounding from the 2008 financial crisis, with strong interest from investors seeking stable, income-generating assets.
Bob Knakal positioned 164 West 81st Street as an ideal value-add investment in a historically resilient neighborhood. By emphasizing its full occupancy, boutique scale, and long-term rent appreciation potential, the property generated strong interest from multiple buyer types, ultimately resulting in a competitive acquisition by a seasoned multifamily investor.
Neighborhood Overview
The Upper West Side is one of Manhattan’s most established and desirable residential communities. Known for its historic architecture, proximity to parks, and strong cultural institutions, it consistently attracts both renters and long-term owners.
Local Highlights:
- One block from Central Park and American Museum of Natural History
- Near top-rated schools and institutions including PS 87 and Columbia University
- Walkable to iconic destinations like Zabar’s, Beacon Theatre, and Lincoln Center
- Strong transportation access via the 1, B, and C subway lines
Key Neighborhood Features:
- Low vacancy rates and strong tenant demand
- Quiet, tree-lined streets with historic brownstones and mid-rise buildings
- High concentration of owner-occupied and stabilized rental housing
- Long-standing reputation for livability and quality of life
Conclusion
The sale of 164 West 81st Street highlights the ongoing demand for well-located, income-producing properties on Manhattan’s Upper West Side. Bob Knakal’s strategic positioning of this classic walk-up building enabled a successful transaction at a premium price per square foot. His expertise in identifying buyer objectives and aligning them with property characteristics was key to closing the deal efficiently and successfully.
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Frequently Asked Questions
Q1: How many units are in 164 West 81st Street?
The building contains 8 residential units across approximately 3,764 square feet.
Q2: What kind of tenants does this type of building attract?
This Upper West Side walk-up is ideal for long-term residential tenants, professionals, and families drawn to the neighborhood’s culture, schools, and proximity to Central Park.
Q3: Is 164 West 81st Street in a historic district?
Yes, the property is located within the Central Park West Historic District, which contributes to its charm and long-term value retention.
