Apartment

Bob Knakal Lists Park Avenue Condominium For $13 Million

Bob Knakal, President of JLL NY Investment Sales, with 737 Park Avenue (JLL, City Realty, Getty)

Bob Knakal’s knack for commercial real estate transactions doesn’t seem to apply to the residential realm.

JLL executive listed his 737 Park Avenue condo for $13.5 million, Crain’s reported. That’s just a hair above the $12.9 million he spent to buy the Macklowe Properties building in 2015.

The 4,700 square foot apartment features five bedrooms and seven and a half bathrooms. The master suite has three dressing rooms, as well as a combined living and dining room. Facilities in the 20-storey pre-war building include a gym.

Knakal, president of JLL’s investment sales in New York, used a shell company to buy the unit from Macklowe seven years ago. Last year, however, the entity sold the unit to Knakal and his wife for $10 as he decided to dissolve the business.

Knakal did not explain to the publication why he was looking to sell the place. Douglas Elliman’s Lisa Simonsen has the SEO.

Knakal has long been a major broker in the commercial real estate industry in New York. Since beginning his career nearly 40 years ago, Knakal has completed over 2,000 transactions and sold over $20 billion worth of goods.

This helps explain how the broker was able to buy a $13 million pad in the first place. So does the fact that Knakal and Paul Massey sold their namesake brokerage in 2014 to Cushman & Wakefield for $100 million.

Knakal stayed in Cushman for four years before leaving for JLL.

The 103-unit building at 737 Park Avenue was built by Sam Minskoff and Sons. Macklowe bought it in August 2011 for $360 million, to convert it into condos.

A 20th-floor unit signed Manhattan’s most expensive contract a week in July, according to the Olshan report. The sponsorship unit had been on and off the market since 2014, but struck a deal asking for $13.75 million, barely more than Knakal is seeking.

HoldenWalter Warner


Source link