.avif)
Successful Sale of 119-121 West 28th Street in Chelsea, Manhattan
Bob Knakal successfully arranged the sale of 119-121 West 28th Street, a 40,000 buildable square foot development site in the heart of Chelsea, Manhattan. The property, situated on West 28th Street between Sixth and Seventh Avenues, offers developers a rare opportunity in one of Manhattan’s most desirable mixed-use neighborhoods.
The sale closed on April 19, 2005, for a purchase price of $5,750,000, reflecting $143.75 per buildable square foot.
Development Site Sales - For the complete list click here Development Sites
Sale Details
This Chelsea development site garnered strong interest from investors and developers seeking to capitalize on the neighborhood’s upward trajectory.
- Sale Price: $5,750,000
- Price per Buildable SF: $143.75
- Buyer: Ashoak Dhabuwala
- Seller: Gary Brown
- Asset Class: Development
- Date Closed: April 19, 2005
Key Highlights:
- Prime Chelsea location with excellent transit accessibility
- 40,000 buildable square feet of development potential
- Positioned in Midtown South, one of Manhattan’s most competitive submarkets
- Ideal for mixed-use development opportunities
Property Details
Located at 119-121 West 28th Street, New York, NY 10001, the property sits in a highly active corridor of Chelsea, nestled between Sixth and Seventh Avenues. This block is a vital connector between NoMad, the Garment District, and the core of Chelsea.
Property Specifications:
- Stories: 4
- Lot Size: 24 ft x 804 ft (irregular)
- Total Buildable SF: 40,000
- Asset Class: Development Site
- Buildings on Lot: 1
Investment Highlights:
- Development-ready site in prime Midtown South
- Large buildable square footage at an attractive basis
- Strong demand from both residential and commercial developers
- Walkable access to Penn Station and Herald Square
Market Strategy and Positioning
At the time of the transaction, Chelsea and Midtown South were rapidly transforming into sought-after hubs for residential, hospitality, and office projects. Demand for development parcels in Chelsea was particularly strong, fueled by limited available inventory and consistent rental growth across multiple asset classes.
This property’s size and location made it especially attractive to developers looking to build modern mixed-use projects that could capitalize on both commercial and residential demand.
Neighborhood Overview
Chelsea is one of Manhattan’s most dynamic neighborhoods, blending historic charm with modern development. Its central location and cultural reputation make it a preferred destination for both residents and businesses.
Neighborhood Highlights:
- Cultural landmarks: The High Line and the Rubin Museum of Art are nearby, adding to Chelsea’s reputation as a cultural hub.
- Retail and dining: The area is filled with acclaimed restaurants, boutique shops, and nightlife venues.
- Transit access: Conveniently located near Penn Station, PATH trains, and multiple subway lines.
- Vibrant market: Chelsea attracts a mix of tech firms, art galleries, and luxury residential projects, making it one of NYC’s most versatile neighborhoods.
Just steps away from NoMad and Herald Square, this location offers proximity to Midtown’s business core while retaining Chelsea’s creative and residential appeal.
Conclusion
The sale of 119-121 West 28th Street underscores Chelsea’s continued strength as a premier location for development opportunities in Manhattan. With 40,000 buildable square feet and proximity to major transit and lifestyle amenities, the property presented an outstanding value proposition for the buyer.
This transaction reflects Bob Knakal’s expertise in identifying high-demand opportunities and navigating complex negotiations to deliver strong outcomes for property owners.
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
Q1: What type of property is 119-121 West 28th Street?
It is a 40,000 buildable square foot development site located in Chelsea, Manhattan.
Q2: How much did the property sell for?
The site sold for $5,750,000 on April 19, 2005, at $143.75 per buildable square foot.
Q3: Why is Chelsea considered a prime location for development?
Chelsea offers a blend of cultural attractions, vibrant retail and dining options, and proximity to major transit hubs, making it highly desirable for residential and commercial projects.
Q4: What are the lot dimensions of the property?
The lot measures approximately 24 feet by 804 feet, offering flexibility for future development.
Q5: What makes this property attractive to developers?
Its size, location in Midtown South, and strong demand for mixed-use development opportunities make it a standout asset.
Q6: What nearby landmarks enhance the property’s value?
The property is close to Penn Station, Herald Square, the High Line, and NoMad’s thriving hotel and office corridor, all of which contribute to its investment appeal.
