Successful Sale of 1152 Second Avenue in Upper East Side, Manhattan
Bob Knakal successfully closed the sale of 1152 Second Avenue, a six-unit walk-up multifamily building located in the Upper East Side of Manhattan. The property was sold for $490,000, representing a strong value for both the buyer and seller. This transaction highlighted the building’s prime location on Second Avenue and its appeal as a user-friendly investment property with approximately 6,000 square feet of space.
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Sale Details
The sale of 1152 Second Avenue marked an important transaction in the Upper East Side submarket, demonstrating ongoing demand for multifamily walk-up properties.
- Sale Price: $490,000
- Price per SF/BSF: $81.67
- Buyer: A+R Asta Marble & Tile
- Seller: Herbert N. Greenberg (Greenberg Family Trust)
- Seller Type: Private Family Ownership
- Asset Class: Multifamily Walk-Up, User
- Sale Date: October 29, 1991
Property Details
Situated mid-block along Second Avenue between East 60th and East 61st Streets, 1152 Second Avenue benefits from a highly visible location in one of Manhattan’s most established residential and retail corridors.
- Full Address: 1152 Second Avenue, New York, NY 10022
- Stories: Walk-Up (no elevator)
- Units: 6 residential units
- Total Size: Approx. 6,000 SF
- Building Type: Multifamily, User-friendly asset
- Lot: 1 building on Block 151
Investment Highlights:
- Prime Upper East Side location with excellent access to transit and retail.
- Walk-up multifamily layout offering user and investment appeal.
- 6,000 SF of rentable space.
- Stable long-term ownership prior to sale.
Market Strategy and Positioning
At the time of the transaction, Manhattan’s multifamily market was characterized by steady demand for user buildings in prime neighborhoods. Properties like 1152 Second Avenue stood out for their scale and affordability compared to larger elevator buildings. Bob Knakal’s market strategy emphasized the appeal to user-buyers seeking ownership in a prestigious residential corridor, while also positioning the asset as a strong long-term hold for multifamily investors.
Neighborhood Overview
The Upper East Side is one of Manhattan’s most distinguished residential neighborhoods, known for its elegant architecture, cultural landmarks, and high standard of living. 1152 Second Avenue is located in the heart of this area, offering both convenience and prestige.
- Cultural destinations: The neighborhood is home to Museum Mile, including the Metropolitan Museum of Art and the Guggenheim.
- Transit access: Excellent subway and bus connections make commuting efficient.
- Lifestyle amenities: Upscale dining, boutique shopping, and renowned schools.
- Residential appeal: The area has long been one of the city’s most desirable addresses, attracting professionals, families, and long-term investors.
Conclusion
The sale of 1152 Second Avenue illustrates the enduring strength of the Upper East Side multifamily market. With its six residential units, user-friendly design, and prime location, the property offered a unique opportunity for the buyer while delivering a successful exit for the Greenberg Family Trust. Bob Knakal’s expertise and long-standing advisory relationship with the seller played a central role in ensuring the best possible outcome.
Testimonial
“Bob Knakal has been our family's trusted real estate advisor for many years. Whenever we wanted an update on the market, or had an issue with our building, Bob was always our first call. He provided sage advice and wisdom far beyond his years. Bob did an outstanding job for us in the sale of our building, making us feel like we were his only client. We could not give Bob a higher recommendation to anyone looking to sell a building in New York City. He is brilliant, savvy and the hardest working broker you will ever see.”
– Herb Greenberg, Greenberg Family Trust
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Frequently Asked Questions
Q1: What type of property is 1152 Second Avenue?
1152 Second Avenue is a walk-up multifamily building with six residential units. It is well-suited for both investors and owner-users seeking a presence in Manhattan’s Upper East Side.
Q2: How large is the property?
The building spans approximately 6,000 square feet, offering a competitive price per square foot of $81.67 at the time of sale.
Q3: Where exactly is the building located?
The property is situated mid-block on Second Avenue between East 60th and East 61st Streets, in the prestigious Upper East Side neighborhood of Manhattan.
