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Successful Sale of 4220–28 Broadway in Hudson Heights, Manhattan
Bob Knakal successfully sold 4220–28 Broadway, a 27-unit multifamily walk-up located in the desirable Hudson Heights section of Manhattan. Spearheaded by Bob Knakal, the transaction marked a significant moment for a classic pre-war asset with exceptional scale in Northern Manhattan.
Located on a prominent stretch of Broadway near West 179th Street, this walk-up building totaled approximately 25,642 square feet and offered unique long-term value for its new owner, Edward Slomin. The team’s in-depth neighborhood knowledge and strategic guidance helped ensure a smooth sale process.
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Sale Details
The property sold for $4,510,000 on February 19, 2003, representing a price of $175.88 per square foot.
- Buyer: Edward Slomin
- Seller: Joseph Rich
- Asset Class: Multifamily – Walk-Up
- Units: 27
Highlights:
- Prime location on Broadway near 179th Street
- 27-unit residential walk-up configuration
- Nearly 26,000 buildable square feet
- Sold at a highly competitive $175.88/SF
Property Details
Situated at 4220–28 Broadway, New York, NY, this property lies at the heart of Hudson Heights, just south of Fort Tryon Park and minutes from the George Washington Bridge. The site’s location and scale offered rare investment potential in a submarket known for its strong rent growth and residential stability.
Investment Highlights:
- Total Building Size: 25,642 SF
- Lot: Block 2163, Lot 25
- Units: 27 residential apartments
This was a one-building, one-lot transaction, further simplifying its appeal to investors seeking stable, income-producing assets in an established neighborhood.
Market Strategy and Positioning
In 2003, the uptown multifamily market was gaining momentum as investors looked beyond core Midtown for opportunities with upside potential. Hudson Heights, with its charming streets, views, and strong tenant demand, was emerging as a high-yield alternative to more saturated areas of Manhattan.
4220–28 Broadway stood out as a rare mid-size asset offering both scale and affordability. Bob Knakal leveraged this positioning to attract serious buyers who recognized the property’s long-term rent roll stability and its potential for appreciation in a rising submarket.
Neighborhood Overview
Hudson Heights, perched at the northern tip of Manhattan, is celebrated for its quiet tree-lined streets, Art Deco architecture, and access to green space and transit. The area has long attracted both renters and owners seeking a more tranquil, scenic lifestyle within city limits.
Key Features of Hudson Heights:
- Minutes from Fort Tryon Park and The Met Cloisters
- Served by the A train for rapid access downtown
- Known for its Art Deco buildings and hilly topography
- Vibrant local businesses and a growing dining scene
This location provides the charm of a residential enclave with all the accessibility of Manhattan.
Conclusion
The sale of 4220–28 Broadway highlights the enduring value of well-located, mid-size multifamily assets in Upper Manhattan. With nearly 26,000 square feet across 27 units, the property offered a compelling mix of income stability and upside potential. Bob Knakal’s expert handling of the transaction ensured a seamless process from valuation to closing.
This deal underscores Bob’s expertise in navigating the nuances of the Northern Manhattan market and securing optimal outcomes for our clients.
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Frequently Asked Questions
Q1: What type of building is 4220–28 Broadway?
It is a 27-unit walk-up multifamily building located on a single lot in Hudson Heights.
Q2: What is the total square footage of the property?
The property includes approximately 25,642 square feet of rentable space.
Q3: Why was Hudson Heights a desirable location for this sale?
Hudson Heights offers a mix of scenic views, Art Deco architecture, and easy transit access, making it attractive for renters and investors alike.
