Successful Sale of 231–235 East 55th Street in Midtown East, Manhattan
Bob Knakal successfully handled the sale of 231–235 East 55th Street, a prime development site consisting of four buildings across three lots in the heart of Midtown East. The 7-story property, previously owned by The Guggenheim Museum, offered 33,500 buildable square feet and sat on a 50 x 100 ft. lot—making it an ideal opportunity for developers seeking density and central location.
The site was sold to Bhatia Development for $16,000,000, a strong result that reflected the competitive demand for high-quality development parcels in Midtown East. Bob’s leadership and market knowledge ensured that the nonprofit seller received optimal value for its asset.
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Sale Details
The site’s generous lot dimensions and 7-story structure made it a standout offering in Midtown East. Bob Knakal’s ability to position the property effectively and navigate the interests of a nonprofit institution helped streamline the process from listing to closing.
Sale Price: $16,000,000
Asset Class: Development Site
Sale Date: July 1, 1998
Buyer: Bhatia Development
Seller: The Guggenheim Museum
Total Buildable SF: 33,500
Price per Buildable SF: $477.61
Lot Size: 50 ft x 100 ft
Stories: 7
Buildings on Site: 4 buildings across 3 tax lots
Zoning: Development
Property Details
Located at 231–235 East 55th Street, this development site provided a unique opportunity to build or convert in a high-demand corridor. With a buildable square footage of 33,500 and situated on a 5,000 square foot lot, the property offered flexibility for various end-uses, including residential, hospitality, or mixed-use development.
Full Address: 231–235 East 55th Street, New York, NY 10022
Zoning: Development
Lot Size: 50 x 100 ft
Stories: 7
Total Buildable SF: 33,500
Price per Buildable SF: $477.61
The Client: A Non-Profit Seeking Market Expertise
The Guggenheim Museum, the property’s owner, sought expert guidance in navigating the sale of a non-core asset. With limited internal resources dedicated to real estate strategy, the museum turned to Bob Knakal and his team for representation.
Bob’s approach centered on achieving the best possible financial result while managing the sensitivities of selling a nonprofit-owned asset. Through targeted marketing and an efficient deal process, Bob delivered a sale at $16 million—at a market-leading price per square foot for the time.
Market Strategy and Execution
Bob Knakal’s strategic execution included:
- Targeting developers with active Midtown portfolios.
- Emphasizing the 50-foot-wide frontage and zoning flexibility.
- Coordinating closely with the nonprofit to ensure a mission-aligned process.
- Highlighting the site’s 7-story structure and prime location.
This focused strategy attracted the right buyer—Bhatia Development—who saw the long-term potential of the parcel and closed on favorable terms.
Neighborhood Overview
Midtown East continues to attract high-density development due to its location, infrastructure, and proximity to major commercial centers.
- Minutes from Lexington Avenue, Park Avenue, and major transportation hubs.
- Zoned for flexible use, including residential and hotel development.
- Walkable to Central Park, the U.N., and major Midtown employers.
- A favored destination for both ground-up and conversion projects.
Conclusion
The $16 million sale of 231–235 East 55th Street illustrates Bob Knakal’s deep experience in representing institutional sellers and maximizing value in New York City’s competitive development market. His team’s ability to balance strategy, speed, and communication proved essential in delivering this strong result for The Guggenheim Museum.
Testimonial
“Bob Knakal and his team did a great job for us on the sale of 235 East 55th Street. Thanks guys!”
– Scott Daniels, The Guggenheim Museum
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Frequently Asked Questions
1. What made 231–235 East 55th Street a compelling development site?
The property featured 33,500 buildable square feet, a 50-foot-wide lot, and a 7-story structure—ideal for developers seeking density and location in Midtown East.
2. How many buildings were included in the sale?
There were four buildings spread across three tax lots, offering flexibility for redevelopment or consolidation into a larger footprint.
3. What was the price per buildable square foot for the sale of 231–235 East 55th Street?
The property sold for approximately $477.61 per buildable square foot, reflecting strong demand for development opportunities in Midtown East during that period.
