81 East 3rd Street
This is a well-executed student housing acquisition in Manhattan's East Village, a dense urban submarket proximate to NYU, The New School, and Cooper Union, providing strong demand fundamentals for student housing. At $776/SF, the deal is priced at a significant premium relative to suburban student housing comps shown in the listing, though this is consistent with Manhattan land and conversion pricing and reflects the scarcity of purpose-built student housing in the borough. Hawkins Way Capital is an experienced and reputable student housing operator with a demonstrated ability to underwrite complex urban deals, lending confidence to their execution capability here. The BKREA brokerage team, led by Robert Knakal, brings substantial NYC deal volume and institutional relationships that support the credibility and market pricing of this transaction. No red flags around distress, litigation, or encumbrances are evident, and the clean close at a well-supported price point in record marketing time suggests competitive buyer demand for this asset class in the submarket.
Deal Stats
Parties
Buyer / Tenant
Hawkins Way Capital is a Los Angeles-based private equity real estate firm with a strong track record in student housing acquisitions across major university markets in the United States, including New York City. The firm is known for its disciplined underwriting, institutional-quality asset management, and targeted strategy in purpose-built and converted student housing assets near dense urban university campuses.
Score Analysis
Why this score
Prime Location & Demand Fundamentals
East Village location near NYU, The New School, and Cooper Union provides strong, stable student housing demand in one of NYC's densest university markets.
Experienced Buyer & Operator
Hawkins Way Capital's proven track record in urban student housing acquisitions and disciplined underwriting reduces execution risk on this complex Manhattan conversion.
Premium Per-Square-Foot Pricing
At $776/SF, the price significantly exceeds suburban student housing comparables, creating execution risk if market conditions soften or operational assumptions underperform.
Information Opacity
Unknown transaction amount, seller identity, and deal terms limit ability to fully assess pricing, financing structure, and true market competitiveness.
Brokerage Credibility & Market Support
BKREA's Robert Knakal brings substantial NYC institutional relationships and deal volume that validate market pricing and transaction credibility.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Disclose Transaction Amount & Cap Rate
Publishing the actual sale price and implied cap rate would allow market verification of value assumptions and better benchmark against comparable urban student housing yields.
Provide Detailed Underwriting Metrics
Including occupancy assumptions, rent per bed, debt structure, and projected NOI would strengthen confidence in deal fundamentals and justify premium pricing.
Share Buyer Exit Strategy & Hold Period
Transparency on Hawkins Way's investment timeline and refinance/sale assumptions would reduce execution uncertainty and demonstrate realistic return expectations.
Raw Deal Textclick to expand
traded + Submit RE Growing Financial Partnerships For Over 30 Years. Get Started Home Deals New York Student Housing Sale 81 East 3rd Street Share SOLD Hawkins Way Capital Purchases 81 East 3rd Street Student Housing For $28 Million In Manhattan $28,000,000 $776/SF BUILDING SIZE 36,047 SF ASSET TYPE CLOSING Jun 16, 2026 Overview Players Market Deal Summary Caption AI The property asset involved in the transaction is located at 81 East 3rd Street in Manhattan's East Village. This student housing asset was sold for a total transaction amount of $28,000,000, encompassing a size of 36,047 square feet, resulting in a price per square foot of $776. Summary of transaction details: Property Type: Student Housing Transaction Amount: $28,000,000 Address: 81 East 3rd Street Market: East Village, Manhattan Square Footage: 36,047 Price Per Square Foot: $776 Buyer: Hawkins Way Capital Brokers: Bob Knakal & Anahis Barrie - BKREA The transaction was facilitated by the BKREA team, which achieved this result in record time following the commencement of the marketing phase. Their proactive approach, including client follow-ups and leveraging the proprietary BKREA internal database, was instrumental in bringing the buyer to the table shortly after the listing started. PLAYERS All Brokers Robert Knakal BKREA BROKER $3.4B VOL 66 deals Contact Anahis Barrie $47M 2 deals East Village Student Housing Market Snapshot Neighborhood boundary · Student Housing · Sale transactions Full Market → Comps 10 Listings Map 11 Investors Top Brokers Lenders Jay Lobell Of JSB Capital Group Acquires Carriage House Student Housing In Philadelphia For $22.5M Dec 2024 Philadelphia, Pennsylvania $22,500,000 82.6 mi Tremont Realty Capital Provides $37.3 Million Loan For College Park Student Housing Sale At $37M Nov 2025 College Park, Maryland $37,000,000 195.9 mi Reliant Group Purchases 145-Unit Student Housing Community From Keystone Real Estate Group For $30M Aug 2025 State College, Pennsylvania $30,000,000 200.1 mi Chris Albright Of Ethos Residential Acquires Student Housing Portfolio In State College For $31.5M 172,796 SF · Apr 2025 $31,500,000 $182/SF 202.2 mi Logen Capital Acquires 576-Bed Student Housing Complex In Johnson City For $26.25M Jun 2025 Johnson City, Tennessee $26,250,000 545.7 mi Logen Capital Purchases Student Housing Near East Tennessee State University For $26.3M $26,300,000 Campus Advantage And Tramview Capital Management Acquire Alight Columbia In Cayce For $25.6M Nov 2024 Cayce, South Carolina $25,600,000 605.6 mi Pope & Land Acquires 100 Midtown Student Housing From TSB For $36.8M Jun 2024 Atlanta, Georgia $36,800,000 745.7 mi MTN Investment Group Acquires Student Housing Property In Murfreesboro, TN For $21.5M 120,000 SF · Aug 2023 Tennessee $21,500,000 $179/SF 750.4 mi Global Real Estate Advisors Acquires Student Housing Asset In Carrollton For $22.8M 306,288 SF · May 2023 Georgia $22,810,000 $74/SF 785.2 mi Live NEARBY MARKETS NEIGHBORHOODS Williamsburg Commercial District Greenpoint Williamsburg Fort Greene East Williamsburg Downtown Brooklyn Submarket Brooklyn Heights-Cobble Hill Financial District Downtown West Commercial District Chinatown Lower East Side West Village BOROUGHS Staten Island Bronx Queens Manhattan Brooklyn CITIES Paterson Hackensack Bayonne Paramus East Orange Hoboken Newark Clifton Jersey City West New York Linden Fort Lee STATES North Carolina Virginia West Virginia Michigan Massachusetts Pennsylvania Vermont South Carolina New Hampshire District of Columbia New Jersey We are telling CRE's story Traded is the #1 source for cutting-edge CRE transactions & insights. 1M+ DEALS 100K+ USERS 47 MARKETS 1.2M+ FOLLOWERS Browse Closings by State National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Minnesota Mississippi Missouri Montana Nebraska Nevada New Mexico North Dakota Ohio Oklahoma Oregon Rhode Island South Dakota Texas Utah Washington Wisconsin Wyoming Search News Agents Agencies About About Us FAQ Testimonials Help Help Center Pricing Return Policy Follow a feed NY @tradedny MIA @tradedmiami LA @tradedla CHI @tradedchicago BOS @tradedboston DAL @tradeddallas NJ @tradednj 18.2K The Traded Weekly Every major deal & ranking update — Friday mornings. Email © 2026 Traded Media LLC · All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use