Successful Sale of 33 West 21st Street in Chelsea, Manhattan
Bob Knakal successfully arranged the sale of 33 West 21st Street—a multifamily elevator building formerly operated as an office property—located in the heart of Chelsea, Manhattan.
The $13,650,000 transaction represents a key office-to-residential/retail condo conversion, exemplifying Chelsea’s evolving residential market during the early 2000s.
This strategic transaction was facilitated by Richard Weissman’s acquisition from seller Kenneth Horn, a seasoned developer.
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Sale Details
The sale of 33 West 21st Street closed on November 20, 2000, with a final price of $13,650,000. The property offered approximately 55,540 buildable square feet, resulting in a price of $245.77 per SF.
- Buyer: Richard Weissman
- Seller: Kenneth Horn
- Seller Type: Developer
- Asset Class: Multifamily – Elevator
- Date Closed: November 20, 2000
Highlights:
- Located in Chelsea, one of Manhattan’s most vibrant and transforming neighborhoods.
- Converted from an office building to residential and retail condominium use.
- Elevator-served multifamily structure with redevelopment potential.
- Price-per-square-foot reflects strategic long-term upside.
Property Details
Positioned midblock on West 21st Street between Fifth and Sixth Avenues, 33 West 21st Street benefits from prime Chelsea frontage in close proximity to Flatiron and Nomad. The building sits on Block 823, Lot 20, and spans an estimated 55,540 SF, with 11 residential units.
Full Address:
33 West 21st Street, New York, NY 10010
Key Investment Highlights:
- Year Built: Originally constructed pre-2000
- Number of Stories: Multiple
- Elevator Building: Yes
- Lot Details: Dimensions and lot size not publicly disclosed
- Total SF: 55,540 SF across residential and potential retail conversion areas
Market Strategy and Positioning
At the turn of the millennium, Manhattan’s office-to-residential conversions gained popularity due to shifting demand and favorable zoning interpretations.
Chelsea, in particular, saw an influx of artists, entrepreneurs, and tech-driven firms, which made residential opportunities increasingly desirable. The building at 33 West 21st Street was repositioned as a residential/retail condominium to capitalize on Chelsea’s rising profile and undersupply of upscale residential units.
Neighborhood Overview
Chelsea is one of Manhattan’s most dynamic neighborhoods, known for its cultural, architectural, and lifestyle appeal. Its transformation into a premier residential destination made it ideal for conversions like 33 West 21st Street.
Notable features of Chelsea include:
- Home to art galleries, tech hubs, and a growing residential base.
- Walking distance to Madison Square Park and The High Line.
- Strong connectivity via the F, M, N, R, and PATH subway lines.
- Nearby attractions like the Flatiron Building, Eataly NYC, and Chelsea Market.
Conclusion
The sale of 33 West 21st Street reflects Bob’s ability to execute complex conversion sales in high-demand submarkets like Chelsea. This deal showcases Bob Knakal’s strategic foresight in identifying value-add opportunities and helping clients navigate evolving real estate dynamics.
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Frequently Asked Questions
Q1: What type of property is 33 West 21st Street?
It is a former office building that has been converted into a residential and retail condominium structure with elevator service.
Q2: How many units are in the building?
33 West 21st Street contains 11 residential units across its 55,540 square feet.
Q3: Why was Chelsea selected for this type of conversion?
Chelsea was emerging as a highly desirable residential and lifestyle destination with a mix of creative industries, retail, and cultural venues, making it ideal for office-to-residential repositioning.
