Bob Knakal, the reigning king of New York City’s commercial real estate market, has sold his luxurious Park Avenue residence. The spacious condo, located at 737 Park Ave. and priced at $13.45 million, has recently gone into contract, just one month after a change in brokers.
Despite being on the market since September, the asking price remained unchanged. The buyer, reportedly a Hong Kong-based businessman, is expected to pay close to the asking price.
Listing brokers Ryan Serhant and Kayla Lee of Serhant declined to comment.
Knakal originally purchased the unit for approximately $12.9 million in 2015.
This impressive 4,719-square-foot residence boasts five bedrooms and 7½ baths. In 2011, developer Harry Macklowe converted the building, which dates back to 1940, from rentals to condominiums.
However, the building’s value has not held up over time, partly due to its low ceiling heights that never reach 9 feet. For instance, in 2014, Stephen and Samantha Finkelstein purchased a 3,845-square-foot sponsor unit for $17.36 million but ended up selling it for only $11.2 million a year later. The unit listed by Serhant, Lee, and Jennifer Alese finally sold to Richard Friedman, chairman of the asset management division at Goldman Sachs, and his wife, Susan.
Knakal’s home features a private elevator landing that leads to a foyer, an open living and dining area, and a windowed chef’s kitchen with a pantry. The smart-wired home showcases design elements like marble, woodwork, high ceilings, custom casement windows, and oak floors. The main bedroom suite spans 1,000 square feet and includes two spa-like baths, three walk-in closets, and a windowed dressing room.
The residence also offers a library, which was previously used as a bedroom, featuring cherry-wood paneling on the walls, ceiling, and pocket doors, marble floors, and a wet bar.
Building amenities include a gym, a children’s playroom, and storage for bikes and strollers.
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