In a notable Upper Manhattan transaction, Clipper Equity—led by David Bistricer—has acquired a long-stalled Harlem development site from Douglas Durst of the Durst Organization. The $50 million deal reflects growing developer interest in Harlem’s development potential and was brokered by Bob Knakal, Chairman & CEO of BK Real Estate Advisors.
Key Highlights
Strategic Location in Harlem: The site at 1800 Park Avenue sits in one of Manhattan’s most promising growth corridors, offering connectivity, scale, and long-term upside.
Substantial Buildable Potential: Although the lot itself spans 36,000 square feet, it offers over 680,000 buildable square feet, making it one of the largest remaining development opportunities in the neighborhood.
Strong Price Per Square Foot: The deal closed at $1,389 per square foot, signaling confidence in Harlem’s long-term value trajectory despite its history of stalled projects.
High-Profile Buyer and Seller: David Bistricer’s Clipper Equity, known for transformative developments, purchased the site from Douglas Durst of the iconic Durst Organization.
Brokered by CRE Influencer: The transaction was facilitated by Bob Knakal of BK Real Estate Advisors, who continues to represent high-value sites across New York City.
Reviving a Stalled Opportunity: The site has a history of delayed development—Clipper Equity’s acquisition could finally unlock its full potential for residential or mixed-use development.
Frequently Asked Questions
Q: Where is the property located?
A: 1800 Park Avenue in Harlem, Manhattan—an emerging area of focus for major developers.
Q: How large is the lot and how much can be built?
A: The site is 36,000 square feet, with over 680,000 buildable square feet, offering significant vertical development potential.
Q: Who bought and sold the property?
A: David Bistricer of Clipper Equity purchased it from Douglas Durst of the Durst Organization.
Q: Who brokered the deal?
A: Bob Knakal, Chairman & CEO of BK Real Estate Advisors (@BobKnakalNYC / @BKREA_NYC).
Q: Why is this deal significant?
A: The sale not only reflects Harlem’s rising appeal but could also revitalize a site long viewed as underutilized due to stalled development plans.
