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Successful Sale of 435 West 19th Street in Chelsea, Manhattan
Bob Knakal successfully arranged the $21,000,000 sale of 435 West 19th Street, a former warehouse located in the highly sought-after Chelsea neighborhood of Manhattan. The buyer, Six Sigma USA Inc., acquired the 27,427 square foot property with plans to convert it into a luxury residential development.
Situated between Ninth and Tenth Avenues in the heart of West Chelsea’s gallery district, the building offered a rare opportunity for adaptive reuse. The sale price equated to $765.67 per square foot, reflecting the strong residential demand and limited supply of conversion-ready properties in the area.
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Sale Details
This transaction showcased the continued trend of warehouse-to-residential conversions in Manhattan’s West Side, where demand for high-end residences continues to grow.
Sale Price: $21,000,000
Price per Square Foot: $765.67
Buyer: Six Sigma USA Inc.
Seller: City Stage Inc.
Seller Type: Corporation
Asset Class: Conversion
Date Closed: August 27, 2014
Key Highlights:
- 27,427 SF building
- Existing warehouse structure to be converted to luxury residential
- Plan for 5 high-end residential units
- Prime Chelsea location near the High Line and art galleries
Property Details
435 West 19th Street is positioned between Ninth and Tenth Avenues, just steps from the High Line, Chelsea Market, and the Whitney Museum. This former industrial building is well-suited for conversion and boasts expansive floor plates ideal for boutique condo or rental layouts.
Full Address: 435 West 19th Street, New York, NY 10011
Block: 717
Lot: 17
Square Footage: 27,427 SF
Planned Unit Count: 5 luxury residences
Zoning: Residential conversion permitted
Investment Highlights:
- Rare Chelsea warehouse with conversion potential
- Desirable West Chelsea location near Hudson River Park and the High Line
- Strong resale potential in an area with limited new condo supply
- Flexible layout for high-end boutique development
Market Strategy and Positioning
With Chelsea’s continued evolution into a luxury residential and cultural hub, Bob Knakal marketed 435 West 19th Street as an ideal conversion play. His outreach focused on boutique developers with a track record of delivering high-design, high-value projects.
The building’s location within the Chelsea Arts District and proximity to the High Line made it especially appealing to developers targeting affluent end-users. Bob’s ability to position the asset as a lifestyle-driven development opportunity led to a swift and premium sale.
Neighborhood Overview
Chelsea is one of Manhattan’s most vibrant and diverse neighborhoods, known for its art galleries, architecture, and evolving skyline. West Chelsea, in particular, has become synonymous with modern residential design and cultural innovation.
Notable Neighborhood Features:
- Steps from the High Line and Hudson River Park
- Near Chelsea Market and Google’s NYC headquarters
- Surrounded by world-renowned art galleries and new development
- Accessible via the A, C, E, and L subway lines
Conclusion
The $21 million sale of 435 West 19th Street demonstrates the enduring appeal of West Chelsea as a hub for luxury residential conversions. Bob Knakal’s targeted strategy and market expertise resulted in a strong price and ideal buyer for the asset. As demand for boutique conversions continues to rise, this sale reinforces the value of adaptive reuse opportunities in Manhattan’s prime submarkets.
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Frequently Asked Questions
Q1: What was the intended use of 435 West 19th Street after the sale?
A1: The property was purchased for conversion into five high-end residential units.
Q2: How large is the building?
A2: The structure spans approximately 27,427 square feet.
Q3: Why is Chelsea a desirable location for residential conversion?
A3: Chelsea offers a blend of art, culture, high-end retail, and proximity to green space like the High Line, making it ideal for luxury living.
