Successful Sale of 61 Fifth Avenue in Manhattan’s West Village
Bob Knakal successfully orchestrated the sale of 61 Fifth Avenue, a highly visible corner property with development and retail potential located in the West Village. The property closed for $15,000,000 on March 4, 2008. The seller, the Elyachar & Katz Family, entrusted Bob to market the site strategically and deliver results — a promise he fulfilled by exceeding pricing expectations.
With three buildings on the lot and 25,000 buildable square feet, this commercial property stood out for its Fifth Avenue frontage and flexible development potential. Positioned on the northeast corner of Fifth Avenue and East 13th Street, it presented an extraordinary opportunity for retail or mixed-use redevelopment in a coveted downtown location.
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Sale Details
This unique property was marketed as a prime corner development opportunity with strong retail upside — a combination that generated widespread investor interest.
Sale Price: $15,000,000
Buyer: Mark Kiyashka, Changes Inc.
Seller: Elyachar & Katz Family
Property Type: Commercial, Development, Retail
Sale Date: March 4, 2008
Total Buildable SF: 25,000
Price per Buildable SF: $600.00
Building Count: 3
Neighborhood: West Village
Borough: Manhattan
Full Address: 61 Fifth Avenue (a.k.a. 4 East 13th Street), New York, NY 10003
Property Details
The property at 61 Fifth Avenue included three structures occupying a single development lot, offering 25,000 buildable square feet on a prominent corner. The retail frontage along Fifth Avenue and East 13th Street made it especially appealing for high-end retail development or a mixed-use build with flagship ground-floor tenancy.
Located just south of Union Square and bordering Greenwich Village, the property benefited from exceptional foot traffic, transit access, and neighborhood charm.
Strategic Marketing and Execution
Bob Knakal and his team executed a focused marketing campaign that highlighted:
- Corner exposure on Fifth Avenue at East 13th Street
- 25,000 buildable square feet with development flexibility
- Strong potential for high-end retail use
- Proximity to Union Square and Greenwich Village foot traffic
- Rare ownership opportunity in a tightly held corridor
The campaign attracted several qualified bidders, and Bob negotiated a final sale price that exceeded the seller's expectations.
Neighborhood Overview: West Village
- Close to Union Square, Washington Square Park, and NYU
- Heavy foot traffic from nearby subways and schools
- Mix of residential charm and commercial energy
- Desirable corridor for flagship retail opportunities
- Characterized by historic architecture and high pedestrian visibility
Conclusion
The sale of 61 Fifth Avenue reflects Bob Knakal’s ability to market high-profile properties with nuance and precision. Through targeted outreach and strategic positioning, Bob achieved a premium sale for the Elyachar & Katz Family, making the most of the property's potential and visibility.
Testimonial
“Bob Knakal and his team did exactly what they said they would and got us the price they told us they would. It was more than we expected. Any seller of land in New York City should contact him.”
– Jonathan Elyachar, Elyachar Properties
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Frequently Asked Questions
Q1: What made 61 Fifth Avenue appealing to developers?
Its corner location, strong retail frontage, and 25,000 buildable square feet in a high-traffic corridor made it ideal for redevelopment.
Q2: How many buildings were included in the sale?
The property included three buildings situated on a single lot.
Q3: Where is the property located specifically?
It is located on the northeast corner of Fifth Avenue and East 13th Street, near Union Square in the West Village.
