Successful Sale of 842-844 Amsterdam Avenue in the Upper West Side, Manhattan
Bob Knakal successfully arranged the sale of 842-844 Amsterdam Avenue, a 30-unit walk-up multifamily building in the heart of the Upper West Side. The property’s location and scale made it highly attractive to investors seeking stable returns in one of Manhattan’s most established residential neighborhoods.
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Sale Details
The sale of 842-844 Amsterdam Avenue closed on March 25, 2004, at a purchase price of $4,950,000. This equates to $232.67 per square foot based on the 21,275 buildable square feet.
- Sale Price: $4,950,000
- Price per SF/BSF: $232.67
- Buyer: Hernasco Warehouses
- Seller: Martin Newman, Citi-Urban Management
- Property Type: Multifamily – Walk-Up
- Date Closed: March 25, 2004
Property Details
Located at 842-844 Amsterdam Avenue, New York, NY 10025, the property sits between West 101st and West 102nd Streets in the Upper West Side. This location offers proximity to Columbia University, Central Park, and Riverside Park, making it a highly desirable rental submarket.
- Year Built: Pre-war construction (classic Upper West Side walk-up)
- Stories: 5-story buildings
- Units: 30 total residential units
- Lot Size / Dimensions: Standard Upper West Side mid-block lots
- Square Footage: 21,275 buildable square feet
Investment Highlights:
- Attractive unit mix across 30 apartments
- Well-positioned for long-term rental demand
- Classic pre-war walk-up buildings in a prime neighborhood
- Strong submarket fundamentals with consistent tenant demand
Market Strategy and Positioning
At the time of the transaction, the Upper West Side multifamily market was experiencing heightened demand from investors seeking stable residential income streams. Walk-up apartment buildings with scale and favorable unit counts were particularly competitive.
This property stood out as an opportunity to acquire 30 units in one transaction within a proven neighborhood that has historically maintained strong occupancy and upward rent growth.
Neighborhood Overview
The Upper West Side has long been one of Manhattan’s most coveted residential neighborhoods, known for its blend of historic architecture, cultural institutions, and easy access to both Central Park and Riverside Park.
- Cultural Hub: Home to Lincoln Center, the American Museum of Natural History, and Columbia University.
- Parks & Green Space: Residents enjoy proximity to both Central Park and Riverside Park, two of the city’s most iconic outdoor spaces.
- Dining & Retail: Bustling with restaurants, cafes, and shops along Broadway and Amsterdam Avenue.
- Transportation: Excellent subway access with multiple lines serving the neighborhood, providing quick connections to Midtown and Downtown Manhattan.
Vibrant and residential, the Upper West Side attracts a mix of professionals, families, and students, creating consistent demand for multifamily housing. Its combination of cultural amenities and green space continues to make it one of New York City’s most livable neighborhoods.
Conclusion
The successful $4.95 million sale of 842-844 Amsterdam Avenue underscores the enduring value of Upper West Side multifamily assets. With 30 apartments in a prime location, the property offered an ideal blend of scale, location, and long-term stability.
This transaction further highlights Bob Knakal’s expertise in positioning multifamily walk-up assets to maximize value for his clients while securing strong outcomes in highly competitive Manhattan submarkets.
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Frequently Asked Questions
Q1: What type of property is 842-844 Amsterdam Avenue?
It is a pre-war, 30-unit walk-up multifamily building located in Manhattan’s Upper West Side, offering classic residential layouts and strong long-term rental demand.
Q2: How much did the property sell for?
The property sold for $4,950,000, which translates to $232.67 per square foot based on 21,275 buildable square feet.
Q3: How many apartments are in the building?
There are 30 residential units across the two adjoining five-story walk-up buildings.
Q4: Why is this property attractive to investors?
Its location in the Upper West Side, scale of 30 apartments, and consistent tenant demand made it a strong long-term rental investment opportunity.
