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Successful Sale of 171 East 102nd Street in East Harlem, Manhattan
Bob Knakal successfully completed the sale of 171 East 102nd Street, a multifamily walk-up building located in the vibrant East Harlem neighborhood of Northern Manhattan. This property, which offers 11 residential units across 9,590 square feet, represents a strategic acquisition in a neighborhood experiencing strong demand from both investors and residents.
The transaction was led by Bob Knakal, whose decades of experience and street-by-street knowledge of Northern Manhattan proved instrumental in bringing both sides to the closing table. The building’s prime location and affordability per square foot were key factors that drove interest and ultimately led to a successful outcome.
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Sale Details
The building sold for $1,100,000, translating to $114.70 per square foot—a compelling value for a stabilized walk-up in East Harlem.
Transaction Summary:
- Sale Price: $1,100,000
- Price per SF: $114.70
- Buyer: Steven Croman, Croman Real Estate
- Seller: Frank Patafio, The Praedium Group
- Seller Type: Institution
- Asset Class: Multifamily – Walk-Up
- Sale Date: May 6, 2009
Highlights:
- 11-unit walk-up apartment building
- 9,590 square feet of rentable space
- Located between Lexington and Third Avenue
- Surrounded by emerging retail and transit access
Property Details
Located at 171 East 102nd Street, New York, NY, the building sits between Lexington Avenue and Third Avenue in East Harlem, a submarket known for its cultural richness and accessibility to Midtown Manhattan.
The property benefits from proximity to the 103rd Street 6 train and nearby crosstown buses, providing excellent connectivity for tenants.
Key Property Features:
- Stories: Walk-up configuration (4 to 5 stories typical for the area)
- Units: 11 residential
- Total Square Footage: 9,590 SF
- Zoning: R7-2 – suitable for multifamily residential use
Market Strategy and Positioning
At the time of sale, the East Harlem market was drawing increasing investor attention due to its relative affordability, ongoing revitalization, and close proximity to Upper East Side amenities. Bob Knakal positioned the property as a value-driven multifamily investment opportunity, highlighting its long-term rent growth potential and solid in-place tenancy.
Despite broader market hesitation in 2009, savvy investors recognized the upside of this underpriced asset. The buyer acted quickly to secure a rare below-market deal in an area poised for appreciation.
Neighborhood Overview
East Harlem, often referred to as "El Barrio," is one of Manhattan’s most historically rich and diverse neighborhoods. It has become increasingly attractive to developers and investors due to rezoning initiatives, new infrastructure projects, and cultural landmarks.
Neighborhood Highlights:
- Home to Museum of the City of New York and El Museo del Barrio
- Accessible via the 6 train, multiple bus lines, and short distance to Metro-North at 125th Street
- Ongoing development along Second and Third Avenues
- Strong sense of community and historical character
In-depth Overview:
East Harlem combines old-New York charm with emerging residential energy. The neighborhood is known for its brownstones, walk-up apartment buildings, and vibrant street life. It’s an area in transition, where long-standing local businesses coexist with new cafés, art spaces, and affordable housing developments. Investors are increasingly eyeing East Harlem for its strong rent growth trajectory and large number of underutilized lots.
Conclusion
The sale of 171 East 102nd Street demonstrates the power of local market knowledge, investor confidence, and the ability to spot opportunity even in challenging economic periods. The transaction is a testament to Bob’s deep-rooted expertise in Manhattan’s multifamily sector and their commitment to delivering results across every neighborhood.
If you're considering selling or acquiring property in Northern Manhattan, Bob Knakal is ready to assist with strategic advisory, marketing, and negotiation support tailored to your asset.
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Frequently Asked Questions
Q1: How many residential units are in the building at 171 East 102nd Street?
The building contains 11 residential units.
Q2: What was the price per square foot for the sale?
The sale closed at approximately $114.70 per square foot.
Q3: What makes East Harlem a compelling neighborhood for multifamily investment?
East Harlem offers proximity to Midtown, ongoing redevelopment, and a blend of cultural heritage and growth potential, making it attractive for long-term investors.
