Successful Sale of 308 West 48th Street in Midtown West
Bob Knakal arranged the sale of 308 West 48th Street, a 10-unit walk-up multifamily building in Manhattan’s Midtown West neighborhood. The property traded for $2,100,000, equating to $708.26 per square foot. The buyer, Daekyung Bae of Big Properties Hana LLC, acquired the asset from private investor Derrick A. Humphries.
Located on a prime Midtown West block between Eighth and Ninth Avenues, the building offered investors a rare opportunity to own a fully walk-up asset with scale and location appeal.
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Sale Highlights
- Sale Price: $2,100,000
- Buyer: Daekyung Bae, Big Properties Hana LLC
- Seller: Derrick A. Humphries
- Asset Class: Multifamily – Walk-Up
- Square Footage: 2,965 SF
- Price per SF: $708.26
- Units: 10
- Date Closed: October 31, 2012
About the Property
Situated just blocks from Times Square and the Theater District, 308 West 48th Street presented a compelling value-add investment or long-term hold. The 10-unit building included a mix of residential layouts, and its proximity to multiple subway lines and Midtown business districts made it attractive to both tenants and investors.
- Building Type: 4-5 story walk-up
- Lot/Building Count: 1
- Location Appeal: Midtown West near 8th Ave, a strong residential and commercial corridor
- Borough: Manhattan
Strategic Sale in a High-Demand Submarket
The Midtown West multifamily market continues to attract investors seeking strong rent rolls, proximity to transit, and upside potential. This sale achieved over $700/SF, a strong number for the walk-up asset class in 2012.
Bob Knakal’s ability to position the building to target private capital buyers helped generate multiple offers and a swift closing.
Neighborhood Snapshot: Midtown West
Midtown West is one of Manhattan’s most dynamic submarkets, offering:
- Close access to Broadway, Times Square, and Hudson Yards
- Strong tenant demand from young professionals and creatives
- Growing presence of new development and boutique multifamily investments
Conclusion
The sale of 308 West 48th Street demonstrates continued investor demand for well-located walk-up properties in Manhattan’s core markets. With thoughtful positioning and an experienced team, Bob Knakal once again delivered strong results for a high-net-worth seller navigating an evolving multifamily landscape.
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