Bob Knakal’s knack for commercial real estate deals doesn’t appear to apply in the residential realm.
The JLL executive listed his condominium apartment at 737 Park Avenue for $13.5 million, Crain’s reported. That’s just a hair above the $12.9 million he spent to buy into the Macklowe Properties building in 2015.
The 4,700-square-foot-apartment has five bedrooms and seven and a half bathrooms. The primary suite includes three walk-in closets, as well as a combined living and dining room. Amenities at the 20-story prewar building include a gym.
Knakal, JLL’s chairman of New York investment sales, used a shell company to purchase the unit from Macklowe seven years ago. Last year, however, the entity sold the unit to Knakal and his wife for $10, as he moved to dissolve the company.
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Knakal didn’t comment to the publication about why he is looking to sell the place. Douglas Elliman’s Lisa Simonsen has the listing.
Knakal has been a major broker in New York’s commercial real estate industry for a long time. Since starting his career nearly 40 years ago, Knakal has completed more than 2,000 transactions and sold upwards of $20 billion in property.
That 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 eponymous brokerage in 2014 to Cushman & Wakefield for $100 million.
Knakal stayed at Cushman for four years before departing for JLL.
The 103-unit building at 737 Park Avenue was built by Sam Minskoff and Sons. Macklowe purchased it in August 2011 for $360 million, to convert it into condos.
A unit on the 20th floor scored the priciest contract in Manhattan one week in July, according to the Olshan Report. The sponsor unit had been on and off the market since 2014, but went into contract asking $13.75 million, only slightly more than what Knakal seeks.
— Holden Walter-Warner