Successful Sale of 125 East 56th Street in Midtown East, Manhattan
Bob Knakal successfully orchestrated the sale of 125 East 56th Street, a 9,456 square foot office building situated in Midtown East. The buyer, Shanghai Commercial Bank, acquired the building as a long-term location for its U.S. operations, making this a strategic user purchase in one of Manhattan’s most business-centric corridors.
The final sale price of $3,020,000, or $319.37 per square foot, reflects the building's potential and prime location just off Park Avenue. The buyer was drawn to the site's central Midtown location, which offered convenience for clients and employees alike.
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Sale Details
This transaction represented a direct-user acquisition, ideal for an institution looking to establish permanent office space in Midtown East. The property offered solid bones, a professional layout, and a location that aligned with the prestige and accessibility expectations of a banking institution.
- Sale Price: $3,020,000
- Buyer: Shanghai Commercial Bank
- Seller: Atlan Management Corp., Julie Lefkowitz
- Property Type: Office, User
- Location: 125 East 56th Street, New York, NY
- Square Footage: 9,456
- Price per SF: $319.37
- Closing Date: April 27, 1998
Property Details
- Address: 125 East 56th Street, New York, NY
- Asset Class: Office (User)
- Square Footage: 9,456
- Building Count: 1
With a modest footprint and strong architectural utility, this office building was well-suited for institutional use. Its floor plates and central location made it a fitting option for a financial institution seeking full-building control and branding opportunities.
Strategic Approach to a User Sale
User sales require a tailored approach. Bob Knakal’s ability to align a property's features with the specific needs of an end-user buyer allowed this deal to move efficiently and with confidence. His understanding of what matters most to institutions—location, identity, and functionality—was critical to the successful closing.
By targeting buyers with long-term occupation goals rather than speculative investment, Bob ensured the building would serve its next chapter as a purpose-driven headquarters.
Neighborhood Overview
Midtown East is one of Manhattan’s premier commercial districts. The neighborhood is known for:
- Proximity to Park Avenue and Lexington Avenue commercial corridors
- Accessibility via the 4/5/6, E, and M subway lines
- Home to numerous banks, consulates, and Fortune 500 headquarters
- Elegant mid-century office buildings and full-service amenities
Conclusion
The sale of 125 East 56th Street highlights Bob Knakal’s skill in matching user-buyers with the right property. By focusing on what institutional buyers value most, Bob delivered an outcome that provided the buyer with long-term value and the seller with a clean, confident transaction.
This deal stands as another example of Bob’s expertise in navigating user sales in Manhattan’s most competitive office corridors.
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