.avif)
Successful Sale of 538 Ninth Avenue in the Garment District, Manhattan
Bob Knakal successfully arranged the sale of 538 Ninth Avenue, a prime development site located in the Garment District of Manhattan. The property traded for $5,800,000 on May 30, 2008, representing a rare opportunity for large-scale development in one of New York City’s most dynamic submarkets.
With 42,000 buildable square feet, this property offered significant upside potential for future residential or mixed-use development. Its strategic location along Ninth Avenue further added to its value, drawing strong interest from developers.
Development Site Sales - For the complete list click here Development Sites
Sale Details
The closing of 538 Ninth Avenue highlighted the site’s unique positioning within the Garment District real estate market.
- Sale Price: $5,800,000
- Price per Buildable SF: $138.10
- Buyer: Avi Dishi
- Seller: Sandy Lindenbaum
- Asset Class: Development Site
- Sale Date: May 30, 2008
This transaction demonstrated the strong demand for development opportunities in Midtown Manhattan, especially for properties with substantial buildable square footage.
Property Details
The property is located at 538 Ninth Avenue, New York, NY, between West 39th and West 40th Streets, placing it in the heart of Manhattan’s Garment District, with direct access to Midtown and Hudson Yards.
- Lot Dimensions & Size: Large footprint with development potential
- Total Buildable Square Feet: 42,000
- Stories: Vacant development site, adaptable to residential or mixed-use development
- Zoning: Development use with flexible potential
Key Investment Highlights:
- Prime Garment District location with strong demand for new product
- 42,000 buildable square feet providing scale for development
- Proximity to Midtown West, Penn Station, and Hudson Yards
- Accessible to multiple subway lines and major commuter hubs
Market Strategy and Positioning
At the time of sale, the Garment District was undergoing significant transformation, with investors eyeing opportunities for residential conversions and ground-up development. The site’s large buildable area and central location positioned it perfectly within this trend.
By targeting both local and institutional developers, Bob Knakal was able to create competitive demand, resulting in a successful closing at strong per-square-foot pricing for the time.
Neighborhood Overview
The Garment District is a historic Manhattan neighborhood long known for its role in fashion and textiles, but in recent years it has become a hub for development and adaptive reuse projects. Its location, between Midtown and Hudson Yards, makes it highly attractive for investors.
Neighborhood Highlights:
- Proximity to Penn Station & Port Authority: Easy access for commuters and visitors alike.
- Hudson Yards Redevelopment: Just a few blocks away, creating demand for residential and commercial opportunities.
- Broadway & Times Square: Within walking distance, providing unmatched visibility and foot traffic.
- Growing Residential Base: Increasing demand for new housing and mixed-use spaces as the district transitions from industrial to residential and office uses.
Conclusion
The sale of 538 Ninth Avenue underscores the strength of Manhattan’s Garment District as a destination for real estate investment and development. With 42,000 buildable square feet in a prime location, the property represented a rare chance to capitalize on the neighborhood’s growth.
Bob Knakal’s expertise and market positioning ensured a seamless transaction and maximized value for the seller, reaffirming his role as a trusted advisor in New York City’s real estate market.
Testimonial
“Given the development aspects of this property, Bob Knakal and his team were the perfect choice for the sale of 538 Ninth Avenue. Bob is a winner!”
– Sandy Lindenbaum, Kramer Levin
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
Frequently Asked Questions
Q1: What type of property is 538 Ninth Avenue?
538 Ninth Avenue is a development site offering 42,000 buildable square feet, making it ideal for ground-up construction or mixed-use projects.
Q2: How much did the property sell for?
The property sold for $5,800,000, translating to approximately $138.10 per buildable square foot.
Q3: Why is the Garment District considered attractive for development?
The Garment District is centrally located between Midtown and Hudson Yards, with excellent transit access and growing demand for residential and mixed-use projects, making it a prime area for development.
Q4: Who purchased 538 Ninth Avenue?
The buyer was Avi Dishi, a New York City investor active in development and redevelopment projects.
Q5: What are the investment highlights of this property?
Key highlights include its prime location, 42,000 buildable square feet, and proximity to major transit hubs and redevelopments such as Hudson Yards.
Q6: How does this sale reflect market trends at the time?
In 2008, the Manhattan real estate market was experiencing heightened demand for development sites, with investors seeking opportunities to reposition properties in transitioning neighborhoods like the Garment District.
