Successful Sale of 358-364 Bowery in Lower East Side, Manhattan
Bob Knakal successfully arranged the sale of 358-364 Bowery, a prime development site located in the Lower East Side of Manhattan. The property, owned by Cooper Union Advancement of Science & Art, was sold to Fourth Street Realty Holdings, led by Eric Goode, for $5,500,000 on July 9, 2004.
This single-story building offered a substantial 43,610 buildable square feet, presenting a rare opportunity for large-scale development along one of Manhattan’s most dynamic corridors.
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Sale Details
The transaction at 358-364 Bowery highlights the demand for development opportunities in the Lower East Side.
- Sale Price: $5,500,000
- Price per Buildable Square Foot (BSF): $126.12
- Seller: Robert Hawks, Cooper Union Advancement of Science & Art
- Buyer: Fourth Street Realty Holdings, Eric Goode
- Sale Date: July 9, 2004
Property Details
The property is prominently situated at 358-364 Bowery, New York, NY, between East 3rd and East 4th Streets. Its corner placement along Bowery makes it especially visible and attractive for redevelopment.
- Lot Dimensions: 100 ft. x 80 ft.
- Total Lot Size: 8,000 SF
- Buildable Square Footage: 43,610 SF
- Stories: 1
- Zoning: Development potential (as-of-right bulk density supported redevelopment)
Key Investment Highlights:
- Significant Lower East Side frontage on Bowery
- Rare large-lot assemblage opportunity
- Excellent redevelopment potential with over 43,000 BSF
- Strategic location near East Village and NoHo
Market Strategy and Positioning
At the time of the sale, the Lower East Side real estate market was rapidly transforming, attracting interest from developers, investors, and cultural pioneers. The area’s proximity to Downtown and NoHo created strong momentum for mixed-use and hospitality-driven projects.
Positioning the site as a rare Bowery redevelopment opportunity, Bob Knakal and his team identified the most qualified buyers who valued the long-term potential of the site, ensuring the seller maximized value for their educational mission.
Neighborhood Overview
The Lower East Side has long been recognized as one of Manhattan’s most vibrant and evolving neighborhoods. Known for its eclectic mix of culture, nightlife, and historic character, it has increasingly drawn developers and investors.
- Cultural reputation: The Bowery corridor is home to a blend of historic institutions, boutique hotels, and art spaces.
- Nearby attractions: Close to The New Museum, Bowery Ballroom, and Cooper Square, with easy access to the East Village.
- Connectivity: Excellent subway access via the B, D, F, and 6 trains.
- Long-term appeal: Strong demand for mixed-use development sites driven by both residential and commercial growth.
In depth: The Lower East Side combines cultural heritage with modern development, making it one of the most sought-after neighborhoods in Downtown Manhattan. Bowery, in particular, has transformed into a hub for boutique hotels, high-end dining, and creative ventures, attracting both local and international interest.
Conclusion
The sale of 358-364 Bowery underscores both the strength of the Lower East Side development market and Bob Knakal’s ability to deliver optimal outcomes for his clients. By strategically positioning the property and securing the right buyer, the team helped Cooper Union advance its mission while maximizing real estate value.
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 identified several assets that we were interested in selling. Given his stellar track record, we asked Bob Knakal to take a look at all of the assets and provide his opinion of value and strategic insights about what should be sold now and what we should wait to sell. We were not expecting a broker to tell us not to sell some assets now, but that’s what Bob did. Those that he suggested we sell, we agreed with and Bob and his team did a great job for us finding perfect buyers for each of our properties. We highly recommend Bob and his team to sellers of properties in New York.”
— Robert Hawks, The Cooper Union
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Frequently Asked Questions
Q1: What type of property was 358-364 Bowery?
It was a development site consisting of a one-story structure with significant frontage on Bowery, offering over 43,000 buildable square feet.
Q2: What made this property attractive to buyers?
Its prime Lower East Side location, large lot size, and redevelopment potential positioned it as a rare opportunity along one of Manhattan’s busiest and most transformative streets.
Q3: Who purchased the property?
The buyer was Fourth Street Realty Holdings, led by Eric Goode, a developer known for creative and hospitality-driven projects in Manhattan.
Q4: Why was Cooper Union selling this property?
As a non-profit institution, Cooper Union sold assets to raise funds for expanding its educational mission and relied on Bob Knakal’s expertise to guide the timing and selection of assets to sell.
Q5: What was the price per buildable square foot?
The property sold for $126.12 per BSF, reflecting strong demand for large-lot development opportunities in the Lower East Side market.
Q6: How does the neighborhood benefit investors today?
The Lower East Side continues to thrive with a mix of cultural, residential, and hospitality projects, offering investors long-term appreciation potential and strong demand for mixed-use developments.
