Successful Sale of 338-340 West 39th Street in Hudson Yards, Manhattan
Bob Knakal successfully closed the sale of 338-340 West 39th Street, a commercial and development site located in the emerging neighborhood of Hudson Yards. The property, owned by Sentinel Real Estate, was sold to Sam Chang of McSam Hotels for $22,500,000.
This strategic deal was made possible through Bob’s consistent market insight and communication, positioning the property effectively in the growing area of Hudson Yards. With a price of $22.5 million, this sale highlighted Bob’s ability to maximize value for institutional clients, ensuring optimal terms.
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Sale Details
The property’s sale price of $22,500,000 was achieved after Bob worked closely with the seller to evaluate various offers and negotiate favorable terms. The sale terms were marked by a solid price per square foot of $405.60 and an expedited closing process.
- Sale Price: $22,500,000
- Property Type: Commercial, Development, Office
- Sale Date: February 13, 2015
- Building Type: 12-Story Commercial Building
- Lot Size: 50 x 99
- Building Size: 55,473 SF/BSF
- Units: 12
Property Details
338-340 West 39th Street is a 12-story building in the thriving Hudson Yards district of Manhattan, a highly sought-after area for commercial and mixed-use developments. The building boasts significant square footage and a prominent position within the expanding Midtown West area. With its strategic location and development potential, the property attracted considerable interest in a competitive market.
- Full Address: 338-340 West 39th Street, New York, NY 10018
- Zoning: Commercial, Development
- Building Size: 55,473 SF/BSF
- Stories: 12
Client: Institutional Seller Seeking Strategic Real Estate Representation
Sentinel Real Estate, the seller, was looking to capitalize on the growing demand for commercial and development properties in Hudson Yards. As an institutional investor, they sought a knowledgeable advisor to navigate the intricacies of this sale. Bob Knakal’s comprehensive market analysis and long-standing industry relationships played a key role in securing the best price for this prime real estate asset.
Market Strategy and Leverage
Bob’s market strategy focused on highlighting the development potential of the building while leveraging the growing demand for office spaces and commercial developments in Hudson Yards. His ability to position the property effectively attracted strong interest and facilitated a smooth negotiation process.
Neighborhood Overview
- Hudson Yards is one of Manhattan’s most desirable and rapidly developing areas.
- Known for its high-profile commercial developments and luxury residential spaces.
- Prime location for real estate investors, with proximity to major transportation hubs and cultural landmarks.
- Growing demand for office and development spaces in the area.
Conclusion
The sale of 338-340 West 39th Street underscores Bob Knakal’s expertise in navigating complex real estate transactions for institutional clients. By applying strategic market knowledge and leveraging key relationships, Bob successfully achieved a strong sale price and favorable terms for Sentinel Real Estate.
Testimonial
“Thanks a lot Bob. You did a great job!” – Martin Cawley, Sentinel Real Estate
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