Successful Sale of 108–110 West 24th Street in Chelsea, Manhattan
Bob Knakal successfully arranged the sale of 108–110 West 24th Street, a rare 50-foot by 98-foot development site situated in the core of Chelsea, Manhattan. The property closed on June 8, 1999 for $1,500,000, offering a prime opportunity for future redevelopment within one of Manhattan’s most active mixed-use districts.
The seller, Parley Associates, represented by Howard Waxman and Michael Feinstein, selected Bob based on his long track record handling complex portfolio dispositions. The buyer, Eric Brown, acquired the site as part of a broader development strategy targeting high-growth areas of Manhattan.
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Sale Details
This sale underscores the strength of the Chelsea market and demonstrates investor confidence in the long-term value of centrally located development assets.
- Sale Price: $1,500,000
- Price per Buildable Square Foot: $27.94
- Buyer: Eric Brown
- Seller: Parley Associates – Howard Waxman & Michael Feinstein
- Asset Class: Development
- Sale Date: June 8, 1999
- Buildable Square Footage: 53,696 BSF
Highlights of the Transaction
- Rare Chelsea development site
- 50-foot-wide lot with significant redevelopment potential
- Exceptional value per buildable square foot
- Located off 6th Avenue near key commercial corridors
Property Overview: 108–110 West 24th Street, Chelsea
Situated between 6th and 7th Avenues, 108–110 West 24th Street occupies a mid-block parcel in Chelsea, an area blending residential growth with commercial and hospitality development. With a 50-foot frontage and 98-foot depth, the site provides significant scale and flexibility for developers seeking high-impact redevelopment.
Key Property Details:
- Full Address: 108–110 West 24th Street, New York, NY
- Lot Dimensions: 50 ft x 98 ft
- Lot Size: Standard Chelsea mid-block parcel
- Building Count: Two existing structures
- Stories: Delivered with redevelopment potential
- Buildable Square Footage: 53,696 BSF
Investment Highlights:
- Wide 50-foot development frontage
- Large-scale buildable square footage in core Chelsea
- Flexible configuration suitable for mixed-use or residential development
- Proximity to major transportation routes and established retail corridors
Market Strategy and Positioning for Chelsea Development
In the late 1990s, Chelsea was undergoing rapid transformation, driven by residential expansion, creative industry growth, and rising commercial activity. Bob Knakal positioned 108–110 West 24th Street as a high-potential development parcel with substantial frontage and an attractive cost per buildable square foot.
Market Strategy Highlights:
- Emphasized the property’s large buildable square footage and redevelopment flexibility
- Highlighted central Chelsea accessibility and proximity to commercial corridors
- Generated strong buyer interest through strategic positioning and market insight
- Delivered an efficient, high-value sale aligned with Parley Associates’ portfolio strategy
Neighborhood Overview: Chelsea, Manhattan
Chelsea is recognized for its cultural vibrancy, mixed-use growth, and proximity to Midtown South. The neighborhood attracts residents, investors, and businesses seeking both lifestyle amenities and development opportunities.
Key Neighborhood Features:
- Arts & Lifestyle Hub: Galleries, boutiques, and creative workspaces
- Central Manhattan Connectivity: Easy access to multiple subway lines
- Growing Commercial Presence: Expansion of design, tech, and media companies
- Nearby Landmarks: Madison Square Park, Flatiron District, and Midtown South growth corridors
Conclusion: Prime Chelsea Development Opportunity
The sale of 108–110 West 24th Street represents a successful outcome for the sellers and reflects sustained investor demand for large-scale development sites in Chelsea. Through expert advisory, strategic market positioning, and deep local knowledge, Bob Knakal delivered exceptional results, providing a high-potential development opportunity for the buyer.
Client Testimonial
“Our partnership decided to liquidate our entire portfolio of parking properties and Bob Knakal was an obvious choice for us to work with. His work on the sale of the Kinney garages was fantastic and we hoped he would produce the same results for us. Bob delivered everything we thought he would and we are so pleased with the job that he did for us on 24th Street. We look forward to working with him on other sales.”
— Howard Waxman, Parley Associates
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Frequently Asked Questions (FAQ) About 108–110 West 24th Street
Q1: What type of property is 108–110 West 24th Street?
It is a development site with two existing structures on a 50-foot-wide parcel, offering 53,696 buildable square feet. The property is suitable for residential or mixed-use redevelopment in a high-demand Chelsea location.
Q2: Why was this Chelsea development site attractive to investors?
Investors were drawn by the site’s wide frontage, rare large-scale buildable square footage, and prime location in Chelsea, providing flexibility and long-term value for redevelopment projects.
Q3: Who purchased the property?
Developer Eric Brown acquired the site to expand his portfolio within Manhattan’s most active mixed-use neighborhoods, leveraging Chelsea’s growth and investment potential.
Q4: What motivated the seller to sell 108–110 West 24th Street?
Parley Associates was liquidating a portfolio of parking-related properties. They selected Bob Knakal for his proven experience in complex dispositions and ability to achieve optimal market results.
Q5: How large is the lot?
The lot measures 50 ft x 98 ft, offering ideal proportions for future development while providing a substantial buildable footprint.
Q6: What does this sale indicate about the Chelsea market?
The transaction highlights rising investor confidence in Chelsea’s transformation into a premier residential and commercial district, demonstrating strong demand for well-located, large-scale development opportunities.
Q7: What role did Bob Knakal play in this sale?
Bob Knakal provided strategic advisory, positioned the property to maximize market interest, and executed a structured sales process that delivered top value for the seller and a high-potential opportunity for the buyer.
