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Successful Sale of 227-229 East 44th Street in Midtown East, Manhattan
Bob Knakal arranged the sale of 227-229 East 44th Street, a two-building commercial property with development potential located in the Midtown East section of Manhattan. The property was sold for $17,110,000, representing approximately $170 per buildable square foot.
This sale marked an important milestone in the ongoing evolution of Midtown East, offering a valuable opportunity for repositioning or redevelopment in a highly accessible and commercially vibrant corridor.
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Sale Details
Located between Second and Third Avenues, 227-229 East 44th Street offered both income-generating commercial and retail potential, as well as long-term redevelopment upside.
- Sale Price: $17,110,000
- Buyer: Sunwick Partners (Andy Zwick)
- Seller: Baltic Realty Co. (Louis Brause)
- Property Type: Commercial, Retail, Development Site
- Location: 227-229 East 44th Street, Manhattan, NY
- Buildable SF: 100,500
- Price per Buildable SF: $170.25
- Buildings on Lot: 2
- Closing Date: June 7, 2007
The site’s strategic location near Grand Central Terminal added further appeal, offering high foot traffic, strong transportation access, and potential for future vertical development.
Property Details
- Address: 227-229 East 44th Street
- Zoning/Use: Commercial, Retail, Development
- Total Buildable Square Feet: 100,500
- Property Composition: Two existing buildings with development rights
Given its Midtown East location and size, the site appealed to a range of investors—from retail operators to ground-up developers interested in long-term value creation.
Strategic Marketing and Buyer Targeting
Bob Knakal identified this asset as a strong candidate for a forward-looking buyer who could recognize its mix of near-term income and long-term redevelopment opportunity.
His team executed a focused outreach to developers, investment firms, and retail-oriented real estate groups. This competitive exposure helped drive a price reflective of both the existing commercial value and future development potential.
Neighborhood Overview
Midtown East remains one of Manhattan’s key commercial hubs. The area benefits from:
- Proximity to Grand Central Terminal – a major transportation hub
- High daytime population driven by office and retail traffic
- Zoning flexibility for commercial and mixed-use development
- Ongoing investment and repositioning in surrounding properties
Conclusion
The $17.11M sale of 227-229 East 44th Street underscores Bob Knakal’s ability to identify and position value for commercial properties with long-term development potential. His tailored strategy for the Midtown East asset resulted in a successful transaction that met the needs of both seller and buyer.
This transaction highlights the importance of combining location insights, development expertise, and market reach to drive successful outcomes in Manhattan real estate.
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