Successful Sale of 25 Cooper Square in the East Village, Manhattan
Bob Knakal successfully closed the sale of 25 Cooper Square highlights the strong demand for compact, centrally located East Village development sites during the early 2000s. This 25-foot-wide site, owned by The Cooper Union, represented a key component of a multi-asset portfolio evaluation in which Bob Knakal provided valuation, strategic timing, and disposition guidance.
The sale team—Bob Knakal, Ed O’Donnell, and Abby Sales—advised the institution with clear direction supported by deep market insights, ensuring that the asset was brought to market at the right time.
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Sale Overview: Rare Downtown Development Opportunity with Institutional Ownership
The site sold for $1,800,000, achieving a price per buildable square foot of $119.95, a competitive valuation for Downtown Manhattan at the time. The buyer, Marek Kiyashka, recognized the long-term advantage of acquiring a 25-foot-wide development site in a high-density, culturally rich corridor like Cooper Square.
This transaction reflects investor confidence in East Village/NoHo development potential, even during early stages of the neighborhood’s transformation into a premier boutique residential market.
Key Transaction Details:
- Sale Price: $1,800,000
- Price per SF/BSF: $119.95
- Buyer: Marek Kiyashka
- Seller: Robert Hawks, The Cooper Union
- Seller Type: Institutional / Educational
- Asset Class: Development Site
- Sale Date: November 2, 2003
Property Details: 25-Foot-Wide Development Lot in a Core Downtown Corridor
Located at 25 Cooper Square, New York, NY 10003, this development site sits between East 5th and East 6th Streets, positioned at the convergence of the East Village, NoHo, and Lower East Side—one of Manhattan’s most active cultural intersections. With 15,006 buildable square feet, the site offered flexibility for boutique residential or mixed-use construction.
Developers were drawn to the property’s efficient 25′ × 100′ lot, strong frontage, and zoning permissibility that supported meaningful vertical development.
Property Summary:
- Full Address: 25 Cooper Square, New York, NY 10003
- Lot Size: 25 ft × 100 ft
- Lot Square Footage: 2,500 SF
- Buildable SF/BSF: 15,006
- Buildings on Lot: Previously improved; development site at time of sale
- Zoning: R7A / C1-5 (typical for Cooper Square corridor at the time)
Key Sale Highlights: Why 25 Cooper Square Attracted Developers
The site’s position within one of Manhattan’s most active cultural and residential corridors made it a standout offering. Few East Village development sites come with such efficient dimensions, zoning flexibility, and institutional ownership delivering clean title and transparent processes.
Its proximity to NoHo, NYU, Cooper Union, and high-traffic retail corridors made it especially appealing to developers planning boutique residential or mixed-use concepts.
Highlights:
- Rare East Village development opportunity with 25-foot frontage
- Ideal for residential or mixed-use construction
- Stable institutional ownership prior to sale
- Efficient 25′ × 100′ lot dimensions attractive for boutique design
- Surrounded by cultural anchors and major pedestrian traffic
Market Strategy and Positioning: Strategic Advisory for Institutional Sellers
The sale of 25 Cooper Square aligned with the market’s rising demand for Downtown development sites—particularly those offering manageable scale and high-density potential. During this period, developers sought East Village and NoHo locations with strong rental and condo absorption trends.
Bob Knakal’s advisory role extended beyond standard valuation. He guided The Cooper Union through a full portfolio review, recommending which assets should be sold immediately and which should be held as market momentum increased. This level of strategic insight allowed the institution to maximize proceeds and reinvest in mission-critical goals.
Neighborhood Overview: East Village Cultural Identity and Residential Appeal
The East Village stands as one of Manhattan’s most iconic neighborhoods, defined by its artistic legacy, independent businesses, and youthful, diverse population. Its streetscapes blend historic tenements with modern infill projects, creating strong demand for boutique residential offerings.
Its location near major subway lines, Cooper Union, and the energy of Astor Place contributes to a consistently competitive residential market with limited developable land.
Nearby Destinations:
- Cooper Union and the cultural activity hub around Astor Place
- St. Mark’s Place
- Tompkins Square Park
- Trendsetting restaurants, cafés, and boutique retailers
Neighborhood Highlights:
- Eclectic Cultural Identity: A long-standing magnet for artists, students, and creatives.
- Outstanding Walkability: Close to the 6, N, R, and W trains at Astor Place and 8th Street.
- High Residential Demand: Limited supply and constant renter and condo interest.
Conclusion: Strategic Institutional Sale in a Culturally Iconic Manhattan Corridor
The sale of 25 Cooper Square underscores the desirability of compact, well-located development parcels in the East Village and demonstrates the importance of strategic advisory when dealing with institutional assets.
Through detailed market analysis, transparent recommendations, and targeted outreach, Bob Knakal and his team delivered a high-value outcome that aligned with The Cooper Union’s long-term goals.
Seller Testimonial
“Our school had several assets to sell as we wanted to take advantage of the real estate market to raise funds to expand our educational mission. We asked Bob Knakal to evaluate each asset and offer guidance on timing. Not only did he identify the best properties to bring to market, he advised us not to sell several others based on improving market trends. His honesty, insight, and execution were exceptional, and we highly recommend Bob and his team to any property owner.”
— Robert Hawks, The Cooper Union
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Frequently Asked Questions
1. What type of property is 25 Cooper Square?
25 Cooper Square is a development site offering 15,006 buildable square feet on a 25-foot-wide lot. Its size and zoning support boutique residential or mixed-use development in a neighborhood where ground-up opportunities are rare.
2. Why was this property attractive to developers?
Developers were attracted to the site’s efficient lot dimensions, zoning flexibility, and location within a high-demand cultural corridor. Its proximity to NoHo, East Village nightlife, Cooper Union, and multiple transit lines made it ideal for residential or mixed-use construction.
3. What was the sale price and price per buildable square foot?
The site sold for $1,800,000, equating to $119.95 per buildable square foot, a competitive valuation for Downtown Manhattan development parcels in the early 2000s.
4. Who sold the property and why?
The property was sold by The Cooper Union, represented by Robert Hawks, as part of a broader institutional evaluation. The sale helped support the school’s long-term financial and educational initiatives.
5. What can be built on the site?
With more than 15,000 BSF, the site can support boutique residential, student housing, mixed-use retail/residential, or other development concepts aligned with R7A/C1-5 zoning, subject to approvals.
6. What makes the East Village location notable for development?
The East Village is one of New York City’s most culturally vibrant and walkable neighborhoods. Its eclectic identity, proximity to major institutions, limited supply of developable land, and persistent rental demand make it highly desirable for new housing.
