Navigating the complexities of selling an elevator apartment building in New York City requires a specialized approach. Bob Knakal’s new guide delivers actionable insights, market data, and proven strategies for owners looking to maximize value in today’s evolving multifamily market.
-- In a move set to provide critical clarity for multifamily owners across the five boroughs, Bob Knakal, Chairman and CEO of BKREA, has released The Ultimate Guide to Selling Elevator Multifamily Apartment Buildings in NYC. The comprehensive guide outlines a proven, data-backed strategy for maximizing value when selling one of New York’s most sought-after asset classes: elevator apartment buildings.
For more information visit https://www.bkrea.com/elevator-buildings-sales
“Elevator buildings represent a unique class of multifamily assets in New York City, and the metrics are very different than walk-up properties as the two operate as separate assets classes ” said Knakal. “They attract a different buyer, a different price point, and a different set of expectations. Our guide is meant to unpack those distinctions and give sellers an edge in a market where every percentage point matters.”
Unlike walk-up properties, elevator buildings—typically six stories or taller—offer a premium rental experience, attract long-term tenants, and appeal to institutional and international buyers. As such, they require a specialized approach to valuation, presentation, and marketing. BKREA’s internal database, the AlmaKnakal Multifamily Report, includes detailed records of elevator building sales dating back to 1984, forming the foundation of the new guide.
“There’s no one-size-fits-all strategy in New York,” Knakal added. “A 40-unit elevator building in Gramercy Park is not the same as one in Forest Hills or the Bronx. What makes a property valuable is as much about tenancy and legality of the rents as location and layout as it is about timing and narrative. That’s why our marketing strategy is hyperlocal and heavily data-driven.”
The guide walks building owners through everything from preparing T12 financials and identifying capital improvement upside to understanding cap rate compression and gauging submarket dynamics. According to Knakal, this intelligence is especially important in today’s environment, where interest rates, rent stabilization, and buyer selectivity are reshaping the sales process.
“Elevator buildings have weathered every downturn—from the dot-com collapse to COVID,” Knakal said. “While there are political headwinds today, they remain highly bankable, and they draw interest even in slower markets. But the margin for error is smaller. You need the right data, the right positioning and the right buyer.”
The release of this guide follows a long track record of results. Knakal and his team have sold more than 2,351 buildings across New York City, many of which were elevator multifamily properties. Each transaction adds to BKREA’s proprietary knowledge base, which the firm leverages to advise clients on timing, pricing, and marketing strategy.
The guide also includes case studies, borough-level data breakdowns, and a detailed FAQ addressing common seller questions—from rent regulation to the ideal documents to prepare before going to market.
Owners interested in learning how their building compares to recent sales are encouraged to request a copy of the AlmaKnakal Elevator Building Report, updated quarterly at Bob Knakal on LinkedIn.
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