Successful Sale of 305 East 61st Street in Manhattan’s Upper East Side
Bob Knakal successfully closed the sale of 305 East 61st Street, a former warehouse located in the heart of Manhattan’s Upper East Side. The property was acquired by First New York Realty with plans to convert it into a high-end residential condominium. This sale exemplifies a strategic repositioning opportunity in one of New York’s most sought-after submarkets.
The transaction marks a significant milestone for the seller, Ezra Nasser, a high-net-worth individual, who benefited from Bob’s expert market insight and tactical deal execution.
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Sale Details
This transaction closed on August 16, 2016, for a total price of $40,000,000, equating to $607.11 per square foot. The buyer, First New York Realty, saw the unique potential in repositioning the former industrial asset for residential use in a premier neighborhood.
- Sale Price: $40,000,000
- Buyer: First New York Realty
- Seller: Ezra Nasser
- Seller Type: High-Net-Worth Individual
- Asset Class: Conversion (Warehouse to Residential Condo)
- Sale Date: August 16, 2016
Property Details
The property is located at 305 East 61st Street, between 1st and 2nd Avenues in Manhattan’s Upper East Side—an area known for its affluent residential population and vibrant development activity. The asset spans 65,886 buildable square feet and was sold with the intention of converting the former warehouse into luxury residential condominiums.
- Address: 305 East 61st Street, New York, NY 10065
- Total BSF: 65,886
- Property Use: Industrial (Warehouse) to Residential (Condo Conversion)
Key Investment Highlights:
- Former warehouse with high ceilings and open floor plates ideal for residential layouts
- Located in an established residential enclave with high demand for new condominium inventory
- Close proximity to the new Second Avenue Subway line
- Opportunity to capitalize on Upper East Side pricing momentum in 2016
Market Strategy and Positioning
Bob Knakal identified 305 East 61st Street as a prime conversion candidate during a time when Upper East Side condo developments were experiencing strong sell-through rates. The market was hungry for fresh residential inventory, especially buildings with industrial character that could be repurposed into modern, high-end condominiums.
This strategy positioned the property to attract developers who saw the potential in customizing large open spaces for boutique residential projects.
Neighborhood Overview
The Upper East Side remains one of the most prestigious and established neighborhoods in Manhattan. It offers a rare combination of classic New York elegance and development potential, particularly east of Third Avenue.
Key Neighborhood Highlights:
- Proximity to Central Park and the East River Esplanade
- Close to luxury shopping and dining on Madison Avenue
- Walking distance to the Second Avenue Subway, improving accessibility
- Surrounded by top private schools, including Lycee Français de New York and The Browning School
Conclusion
The $40 million sale of 305 East 61st Street underscores the strength of Bob Knakal’s market knowledge and negotiation expertise in aligning seller goals with active buyer demand. This successful transaction highlights the value of strategic positioning and capitalizing on market momentum in Manhattan’s high-demand residential neighborhoods.
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Frequently Asked Questions
Q1: What type of property was sold at 305 East 61st Street?
A: It was an industrial warehouse purchased for conversion into residential condominiums.
Q2: Who purchased 305 East 61st Street and what are the plans for it?
A: First New York Realty purchased the property and plans to convert it into a residential condo development.
Q3: Why is the Upper East Side considered a strong location for condo development?
A: The neighborhood offers stable demand, proximity to transit and parks, and a prestigious residential reputation, making it ideal for luxury condominium projects.
