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Successful Sale of The New 118th Upper Manhattan Portfolio in Washington Heights, Northern Manhattan
Bob Knakal successfully arranged the sale of The New 118th Upper Manhattan Portfolio, a notable 19-building multifamily and mixed-use portfolio located throughout the Washington Heights neighborhood in Northern Manhattan. The transaction, which closed on September 5, 2008, demonstrates a strategic win for all parties involved.
Represented by Bob Knakal, this transaction marked a significant achievement in Northern Manhattan’s investment landscape due to the scale of the portfolio, totaling 495 residential units and over 400,000 buildable square feet.
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Sale Details
This large-scale portfolio sold for $54,000,000, reflecting a price per square foot of $134.79 across 400,630 buildable square feet.
- Sale Price: $54,000,000
- Price per SF/BSF: $134.79
- Buyer: Moses Mizrahi
- Seller: Richard Wasserman (TRS)
- Property Type: Mixed-Use, Multifamily – Walk-Up, Portfolio, Note Sale
- Date Closed: September 5, 2008
Highlights of the Sale:
- Sale encompassed 19 buildings spread across Washington Heights
- Portfolio included nearly 500 units (495 total)
- A strategic portfolio play within a rapidly gentrifying submarket
- Undervalued asset with long-term upside through repositioning
Property Details
The portfolio spans 19 separate walk-up buildings located in Washington Heights, one of Manhattan’s most vibrant and steadily appreciating submarkets. Key property addresses include:
- 2180-2182 Amsterdam Avenue
- 283-285 Audubon Avenue
- 463-467 West 159th Street
- 500 West 190th Street
- 503-505 West 176th Street
- 507, 510-516, 518-520, 524 West 184th Street
- 515 West 184th Street
- 516-520 West 188th Street
- 531 West 179th Street
- 559-561 West 183rd Street
- 704 West 180th Street
- 70-72 Pinehurst Avenue
These prewar walk-up buildings, many with original architectural details intact, offered a compelling value-add opportunity.
Investment Highlights:
- Total Units: 495
- Total BSF: 400,630 SF
- Asset Class: Mixed-use, multifamily walk-up
- Stories: Varying, typical for low-rise Manhattan stock
- Building Count: 19 across prime Northern Manhattan blocks
Market Strategy and Positioning
Washington Heights has emerged as a go-to location for institutional and private investors seeking yield, long-term upside, and an established rent base. At the time of the sale, the neighborhood offered untapped potential and strong cash flows, especially for walk-up product with future repositioning upside.
Bob Knakal positioned the portfolio as an assemblage of value-add opportunities in a submarket that was experiencing increased investor attention. With Northern Manhattan gaining momentum, the offering presented both immediate income and future capital appreciation.
Neighborhood Overview
Washington Heights is a culturally rich and increasingly dynamic neighborhood in Northern Manhattan, known for its prewar buildings, large apartments, and proximity to parks and educational institutions.
Key Attractions Near the Portfolio:
- Highbridge Park
Located along Amsterdam Avenue and Edgecombe Avenue, this 119-acre park features wooded trails, ball fields, and stunning views of the Harlem River. It has become an anchor for recreational value in the neighborhood. - The George Washington Bridge & Bus Terminal
A key transportation hub offering connectivity to New Jersey and Midtown Manhattan. The area surrounding the terminal has seen increased retail development and residential demand. - The Morris-Jumel Mansion
Manhattan’s oldest house, dating back to 1765. Now a museum, it attracts thousands of visitors yearly and enriches the neighborhood's historical significance. - NewYork-Presbyterian/Columbia University Medical Center
As a major healthcare and employment center, this institution brings professionals and steady rental demand to the area. - Fort Tryon Park & The Cloisters
Located just north of the portfolio, Fort Tryon offers scenic green space and houses The Met Cloisters, a medieval art museum operated by the Metropolitan Museum of Art.
Conclusion
The sale of The New 118th Upper Manhattan Portfolio stands as a landmark transaction in Washington Heights, highlighting the growing investor appetite for scale and potential in Northern Manhattan. With nearly 500 units across 19 buildings, this portfolio offered an exceptional opportunity for repositioning in a maturing submarket.
Bob Knakal and his team once again demonstrated their unmatched expertise in executing complex, multi-asset sales, aligning the buyer and seller toward a successful closing in a competitive investment environment.
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Frequently Asked Questions
Q1: What is the composition of The New 118th Upper Manhattan Portfolio?
The portfolio consists of 19 mixed-use, walk-up buildings spread throughout Washington Heights. The properties include a combined total of 495 residential units and over 400,000 buildable square feet.
Q2: What made this sale significant in Northern Manhattan?
It was one of the largest walk-up portfolio sales in Washington Heights at the time, offering rare scale and value-add potential in a transitioning neighborhood, making it highly attractive to long-term investors.
Q3: Were the properties fully stabilized or in need of repositioning?
The buildings were largely in need of renovation and presented significant upside potential through capital improvements and re-tenanting strategies.
Q4: How was the pricing determined at $134.79 per square foot?
The valuation was based on total buildable square footage (BSF) across all properties, taking into account the rental income, upside potential, and comparables in similar Manhattan neighborhoods.
Q5: What role did Bob Knakal play in this transaction?
Bob Knakal led the marketing, negotiation, and sale process, leveraging his expertise in portfolio transactions and deep market relationships to secure a successful deal.
Q6: What’s the investment outlook for similar properties in Washington Heights?
Given continued interest in Northern Manhattan and planned infrastructure improvements, walk-up buildings and portfolios in Washington Heights are expected to remain attractive for value-add investors looking for scale and long-term growth.
