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Successful Sale of 227-229 East 58th Street in Midtown East, Manhattan
Bob Knakal successfully brokered the sale of 227-229 East 58th Street, a compact yet well-located office building in the Midtown East section of Manhattan. The property sold for $3,200,000 on December 4, 2001, reflecting a price of $416.94 per square foot.
This transaction highlights Bob’s ability to attract interest for smaller-scale office assets, especially those in prime locations offering long-term investment potential.
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Sale Details
227-229 East 58th Street is a two-lot office property located in the heart of Midtown East, one of Manhattan’s most established commercial neighborhoods.
Bob Knakal’s deep understanding of the local office market allowed him to identify the right buyer and negotiate favorable terms for both parties.
- Sale Price: $3,200,000
- Asset Type: Office
- Square Footage: 7,675 SF
- Price per SF: $416.94
- Sale Date: December 4, 2001
- Property Address: 227-229 East 58th Street, New York, NY 10022
Property Details
This midblock property offers just under 8,000 square feet of office space, making it ideal for boutique firms or end-users seeking ownership in a prestigious area. The building's dual-lot configuration at 227-229 provides flexibility for future use or redevelopment potential.
- Building Class: Office
- Block / Lot: 1332 / 15
- Total SF: 7,675
- Stories: Not specified
- Units: Not specified
Market Strategy and Execution
Bob positioned 227-229 East 58th Street as a rare opportunity to own office space in a high-demand Midtown East corridor. His strategy focused on local owner-users and private investors looking for a foothold near the Plaza District without paying premium prices associated with larger towers.
The property’s manageable size, prime location, and flexible layout helped generate immediate interest, leading to a smooth transaction and an optimal sale price.
Neighborhood Overview
Midtown East is home to some of the city's most recognized office addresses and provides a balanced mix of corporate, retail, and residential use.
Key neighborhood features include:
- Proximity to Park Avenue and the Plaza District
- Short walk to Bloomingdale’s, Central Synagogue, and Sutton Place
- Easy access to E/M/6/N/R/W subway lines
- Known for its concentration of embassies, medical offices, and global headquarters
- Desirable location for boutique offices with low inventory
Conclusion
The sale of 227-229 East 58th Street demonstrates Bob Knakal’s expertise in navigating New York City’s highly segmented office market.
Through a focused marketing campaign and deep understanding of Midtown East dynamics, Bob was able to achieve a strong price for a modestly sized but well-positioned asset.
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