Successful Sale of 67 Avenue C in East Village, Manhattan

Bob Knakal successfully arranged the sale of 67 Avenue C, a corner commercial and mixed-use development site located in the heart of the East Village, one of Manhattan’s most eclectic and in-demand neighborhoods. The property, formerly owned by the Lower Manhattan Jehovah’s Witnesses, was purchased by Gary Vinbaytel of Vinbaytel Developments for $2,400,000.

The transaction demonstrates continued investor confidence in downtown Manhattan’s boutique development sector, where limited land supply and consistent demand drive long-term growth opportunities.

Development Site Sales - For the complete list click here Development Sites

Sale Details of 67 Avenue C

The sale of 67 Avenue C represents another strong example of how targeted marketing and strategic positioning can attract experienced developers to community-based assets. Located on Avenue C between East 4th and East 5th Streets, the property offers flexible redevelopment potential with its C1-5/R7A zoning — allowing both residential and commercial uses.

Sale Overview:

• Sale Price: $2,400,000
• Buyer: Gary Vinbaytel, Vinbaytel Developments
• Seller: Morton Byrd, Lower Manhattan Jehovah’s Witnesses
• Asset Class: Commercial, Development, Mixed-Use
• Sale Date: July 18, 2013
• Price per Buildable SF: $157.11

Prime East Village Development Opportunity

Situated within a prime East Village development corridor, 67 Avenue C offered an exceptional opportunity for a boutique residential or mixed-use project. The property’s zoning flexibility and downtown location appealed to developers seeking creative infill opportunities that blend seamlessly with the East Village’s urban fabric.

Property Highlights:

• Located along a vibrant Avenue C corridor
• Ideal for boutique residential or mixed-use construction
• Previously operated by a non-profit religious organization
• Strong redevelopment potential at an attractive entry price

Property Specifications: 67 Avenue C, New York, NY 10009

This development-ready property spans approximately 15,276 buildable square feet, allowing for a new multi-story residential or retail structure with contemporary design potential. Its mixed-use zoning (C1-5/R7A) provides flexibility to combine housing, retail, or community facility space.

Property Details:

• Full Address: 67 Avenue C, New York, NY 10009
• Zoning: C1-5/R7A (Residential and Commercial Use)
• Neighborhood: East Village
• Borough: Manhattan
• Lot Size: Approximately 15,276 Buildable SF
• Building Type: Commercial Development Site
• Stories: 4

Market Strategy and Investment Positioning

At the time of the sale, the East Village market was defined by its strong rental growth, steady demand for boutique housing, and scarcity of development-ready parcels. This combination made 67 Avenue C a highly attractive asset for developers like Vinbaytel Developments, who specialize in small to mid-scale residential and mixed-use projects.

The property’s zoning allowed for modern infill development that respects the neighborhood’s character while meeting growing demand for contemporary urban living.

Strategic Benefits:

• Suited for residential, community facility, or retail redevelopment
• Surrounded by a growing base of high-income residents and students
• Ideal for long-term investment and appreciation potential

East Village Neighborhood Overview

The East Village is one of Manhattan’s most culturally rich and dynamic neighborhoods. Known for its bohemian heritage, it offers an authentic blend of historic walk-ups, boutique developments, and thriving retail. Its energy, diversity, and walkability continue to attract residents and investors alike.

Neighborhood Highlights:

• Tompkins Square Park: A central green space with community events and recreation areas
• Alphabet City Dining: Avenue C’s local restaurants, coffee shops, and bars define its cultural appeal
• Educational Access: Close to NYU and Cooper Union, supporting steady residential demand
• Transit Connectivity: Near the F and L subway lines for quick access to Midtown and Brooklyn

The East Village’s ability to evolve while preserving its creative spirit makes it one of Manhattan’s most desirable areas for new residential and mixed-use development.

Conclusion: A Strategic Transaction with Long-Term Value

The sale of 67 Avenue C showcases Bob Knakal’s expertise in connecting community-based property owners with developers seeking high-potential infill sites. By structuring a deal that aligned both mission and market value, this transaction demonstrates Bob’s leadership in Manhattan’s development site advisory market.

With its deep neighborhood insight and proven execution strategy, Bob continues to deliver results that shape the landscape of New York City’s evolving urban development sector.

Learn More About New York Real Estate

Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.

‍

Frequently Asked Questions about the Sale of 67 Avenue C

Q1: What type of property is 67 Avenue C?

67 Avenue C is a commercial and mixed-use development site located in the East Village, Manhattan. It offers approximately 15,276 buildable square feet, zoned for residential, retail, or community facility development, making it a flexible opportunity for boutique builders.

Q2: Who purchased the property, and what is their development background?

The property was purchased by Gary Vinbaytel of Vinbaytel Developments, a New York City-based developer specializing in mid-rise residential and mixed-use projects. The firm has a track record of transforming underutilized urban sites into modern, design-forward living spaces that fit the character of their neighborhoods.

Q3: What was the sale price and price per buildable square foot?

The property sold for $2,400,000, translating to approximately $157 per buildable square foot (BSF). This pricing reflected the site’s redevelopment potential within one of Manhattan’s strongest downtown submarkets.

Q4: Why is the East Village considered a high-value investment area?

The East Village remains a top target for investors due to its limited land supply, consistent rental growth, and vibrant cultural environment. Its proximity to major educational institutions, nightlife, and public parks ensures steady demand from both tenants and homebuyers, making it ideal for residential and mixed-use investment.

Q5: Who was the seller, and why did they sell the property?

The seller was the Lower Manhattan Jehovah’s Witnesses, a non-profit religious organization. After using the property for community purposes, the group chose to sell in order to redirect resources toward other mission-driven initiatives. This opened the door for redevelopment aligned with neighborhood growth.

Q6: What development opportunities does the site offer?

Developers can pursue a residential building with ground-floor retail or a community facility project leveraging the site’s mixed-use zoning. The property’s location along Avenue C, near Tompkins Square Park, ensures strong pedestrian visibility and long-term value growth through adaptive redevelopment.

Q7: How does this sale reflect broader trends in Manhattan real estate?

This transaction highlights the ongoing shift toward boutique urban redevelopment in Manhattan’s established neighborhoods. As developers focus on smaller-scale, high-quality projects, properties like 67 Avenue C continue to gain attention for their ability to combine community character with modern design and investment performance.

‍