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Successful Sale of 730 West 183rd Street in Hudson Heights, Manhattan
Bob Knakal successfully closed the sale of 730 West 183rd Street, a well-maintained, 44-unit multifamily walk-up building located in the charming Hudson Heights neighborhood of Northern Manhattan. The asset was sold for $10,100,000, demonstrating continued demand for value-driven multifamily opportunities in established submarkets.
The seller, Sergio Rothstein, benefited from a competitive market strategy that positioned the building effectively among qualified investors. The property’s strong unit count, efficient layout, and location near Fort Tryon Park made it especially appealing.
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Sale Details
The 44-unit walk-up property traded hands for $10,100,000, translating to approximately $252.50 per square foot based on its 40,000 BSF.
- Buyer: Perle Management
- Seller: Sergio Rothstein
- Sale Date: April 11, 2014
- Asset Class: Multifamily – Walk-Up
- Building SF: 40,000
- Units: 44
Key Transaction Highlights:
- High-performing income-producing asset with 44 units
- Favorable price-per-square-foot for long-term hold investors
- Desirable location within a residential pocket of Hudson Heights
- Fully leased with upside through future capital improvements
Property Details
Situated on 730 West 183rd Street, between Overlook Terrace and Fort Washington Avenue, the property benefits from a location in the heart of Hudson Heights—an increasingly sought-after residential enclave in Northern Manhattan.
The full address is:
730 West 183rd Street, New York, NY 10033
Though not in a historic district, the building fits harmoniously into the classic architectural landscape of Hudson Heights. Its proximity to key green spaces and transit hubs enhances its long-term appeal.
Investment Highlights:
- Year Built: Prewar construction with period details
- Stories: Walk-up configuration (no elevator)
- Units: 44 residential apartments
- Square Footage: 40,000 BSF
- Lot & Zoning: Located on Block 2180, Lot 15; residential zoning with multifamily use
Market Strategy and Positioning
This transaction reflects a broader trend in Northern Manhattan where well-maintained walk-up buildings in low-turnover neighborhoods continue to attract experienced operators. The property was positioned as a stable, long-term asset with operational upside through unit renovations and rental growth.
The team capitalized on market interest in Upper Manhattan’s stabilized walk-up buildings by highlighting cash-flow reliability and low vacancy rates in the submarket.
Neighborhood Overview
Hudson Heights, often referred to as the “hilltop village” of Upper Manhattan, is known for its tranquil, tree-lined streets and historic charm. Nestled between Fort Tryon Park and the Hudson River, the area provides a unique blend of urban accessibility and neighborhood intimacy.
What makes Hudson Heights appealing:
- Scenic Greenspace: Home to Fort Tryon Park and The Met Cloisters, offering unmatched recreational and cultural experiences
- Transit-Friendly: Access to the A train at 181st Street and major bus lines makes commuting into Midtown Manhattan convenient
- Community-Oriented Living: A quieter alternative to Midtown and Downtown, Hudson Heights offers a residential experience with a close-knit feel
- Architectural Character: Prewar co-ops and rental buildings lend historic beauty to the streetscape
Conclusion
The sale of 730 West 183rd Street is a strong example of the ongoing investor interest in Hudson Heights’ multifamily housing stock. With strategic guidance and local market expertise, Bob Knakal was able to facilitate a successful transaction that met the objectives of both seller and buyer.
Bob Knakal continues to demonstrate unparalleled understanding of the Northern Manhattan market, leveraging long-standing relationships and a disciplined marketing process to drive results.
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Frequently Asked Questions
Q1: What type of building is 730 West 183rd Street?
This is a prewar, multifamily walk-up building consisting of 44 residential units across 40,000 buildable square feet. It is fully residential with no commercial or retail component.
Q2: What made 730 West 183rd Street an attractive investment?
Its strong tenant base, location in a high-demand neighborhood, and potential for rental growth made it a compelling long-term hold for the buyer. The building's size and operational stability offered immediate cash flow.
Q3: Is the building part of a historic district or under landmark protection?
No, 730 West 183rd Street is not within a designated historic district, which allows for more flexible capital improvements and renovations while maintaining its classic façade.
Q4: What are the neighborhood advantages of owning property in Hudson Heights?
Hudson Heights offers proximity to Fort Tryon Park, a quiet residential atmosphere, and excellent transit access. These factors contribute to low vacancy rates and tenant retention, making it a strong submarket for multifamily investment.
