Successful Sale of 328–330 East 57th Street in Midtown East, Manhattan

Bob Knakal arranged the sale of 328–330 East 57th Street, a desirable development site located within one of Manhattan’s most established residential and commercial districts. The seller, Eli Albert, was introduced to Bob through a referral from a friend seeking an expert with unmatched neighborhood insight and proven results.
With its 23,860 buildable square feet and sought-after mid-block location, the asset represented a valuable opportunity for developers targeting Midtown East’s high-demand housing market.

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Strategic Transaction Overview for the Midtown East Development Site

This transaction enabled the seller to maximize value by exposing the property to a wide pool of qualified developers actively pursuing East Side opportunities. Midtown East’s combination of refined residential character and commercial connectivity made this offering highly visible among investors.
The efficient lot configuration and development-friendly zoning further expanded buyer interest, creating competitive momentum throughout the marketing process.

Key Sale Information for 328–330 East 57th Street

Below are the core metrics that define this notable Midtown East transaction:

• Sale Price: $1,010,000
• Price per Buildable Square Foot: $42.33
• Buyer: 330 East 57th Street LLC; Cesidio Del Rio
• Seller: Eli Albert
• Asset Class: Development Site
• Sale Date: August 1, 1996
• Buildings on Lot: 2
• Lot Dimensions: 37 ft x 64 ft

Property Description: Boutique Development Opportunity in Midtown East

Situated between First Avenue and Second Avenue, 328–330 East 57th Street lies within a quiet residential stretch of East 57th Street. Surrounded by established towers, intimate boutique buildings, and essential neighborhood retailers, the location offers exceptional lifestyle convenience for future residents.
Midtown East’s enduring appeal for condominium and rental developers stems from its blend of tranquility and proximity to major business districts, creating an ideal setting for a boutique residential project.

Property Details:

• Buildable Square Footage: 23,860
• Lot Size: 37’ x 64’
• Buildings: 2 existing structures
• Zoning: Standard Midtown East zoning supportive of residential development

Investment Highlights for 328–330 East 57th Street

This site offered developers a rare opportunity to build within one of Manhattan’s most stable and supply-constrained residential corridors. With generous buildable volume and a highly marketable block location, the property presented exceptional long-term potential.
The site’s boutique scale allowed developers to envision a high-end residential product tailored to Midtown East’s discerning demographic.

Highlights:

• Located in a high-demand residential development zone
• Tree-lined mid-block location with strong boutique appeal
• Large 23,860 BSF supporting an efficient building footprint
• Consistent long-term residential demand within Midtown East

Market Strategy and Positioning in Midtown East

During this period, Midtown East attracted steady developer attention due to its reliable residential absorption rates, top-tier transportation connectivity, and proximity to major employers. Buyers were increasingly drawn to mid-block sites suited for smaller luxury projects that appealed to end-users seeking neighborhood calm with Midtown convenience.
The property’s combination of scale, zoning, and block character positioned it as an ideal match for developers pursuing high-end, efficiently designed residential buildings.

Midtown East Neighborhood Overview

Midtown East remains one of Manhattan’s most established and strategically located neighborhoods, offering a mix of peaceful residential streets, vibrant commercial corridors, and access to premier institutions. Its enduring appeal is strengthened by a blend of local amenities, brand-name retail, and iconic landmarks.
Developers consistently target this area due to its strong tenant and buyer demand, ensuring long-term stability for newly constructed residential assets.

Nearby Highlights:

• Sutton Place
• Bloomingdale’s Flagship on 59th Street
• Citigroup Center
• East River Walkway

Key Neighborhood Description Highlights

East 57th Street offers a tranquil residential atmosphere with a refined mix of pre-war buildings, modern condominiums, and boutique developments. This character makes it exceptionally well-suited for a luxury residential project with long-term end-user appeal.
The neighborhood’s abundant transit options and proximity to the Queensboro Bridge support seamless connectivity throughout Manhattan and beyond.

Neighborhood Strengths:

• Quiet residential block with a refined character
• Excellent transportation options, including subways and bus routes
• Exceptional lifestyle amenities and dining options
• Strong market demand for boutique residential development

Conclusion: A Strong Result in a Coveted Manhattan Development Corridor

The sale of 328–330 East 57th Street demonstrates the strength of Midtown East’s development market and the value of engaging an advisor with deep local knowledge and proven execution. Through comprehensive exposure, targeted strategy, and disciplined process management, Bob Knakal secured an outstanding outcome for the seller.
This transaction reinforces Bob’s continued ability to deliver results and maximize value across Manhattan’s most competitive development corridors.

Client Testimonial

“I didn’t know Bob Knakal before this transaction. He was referred by a friend as someone who knew the neighborhood better than anyone else and that could run a sales process that would get the property broad exposure and the highest price. My friend was right. Bob did a fantastic job and I would happily work with him again.”
— Eli Albert

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Frequently Asked Questions: 328–330 East 57th Street

Q1: What type of property is 328–330 East 57th Street?

328–330 East 57th Street is a development site located in Midtown East with 23,860 buildable square feet. The property is ideal for residential development, particularly boutique condominium or rental projects. Its mid-block location enhances its appeal for developers targeting high-end users seeking quiet living near Midtown’s commercial core.

Q2: Why was this site attractive to developers?

Developers were drawn to its substantial buildable square footage, prime East Side location, and placement on a tranquil, tree-lined block. Its proximity to retail amenities, major employers, and cultural institutions further strengthened its desirability. The property also offered zoning flexibility supportive of a residential project aligned with neighborhood demand.

Q3: What were the transaction’s financial details?

The property sold for $1,010,000, equating to $42.33 per buildable square foot. These figures reflected the strength of Midtown East’s development landscape and its consistent absorption of boutique residential product.

Q4: Who purchased the property?

The buyer was 330 East 57th Street LLC, led by Cesidio Del Rio, an investor with interest in long-term residential development opportunities. This acquisition aligned with a strategic focus on high-demand Manhattan neighborhoods with a track record of stable end-user demand.

Q5: What are the lot dimensions for the development site?

The lot measures 37 feet by 64 feet, allowing for efficient building design and contributing to strong developer interest. The configuration supports a mid-rise development consistent with the area's architectural style.

Q6: Why is Midtown East a strong submarket for development?

Midtown East offers unmatched transit access, steady residential demand, and adjacency to key commercial districts, making it one of Manhattan’s most stable development environments. Buyers and renters are drawn to the neighborhood’s mix of convenience, lifestyle amenities, and architectural variety, supporting long-term value for new projects.

Q7: What development potential does the site offer?

The property supports approximately 23,860 buildable square feet under standard Midtown East zoning, allowing for a well-proportioned boutique residential building. Developers can design a layout that maximizes efficiency, incorporates modern amenities, and caters to the high-end residential market characteristic of East 57th Street.

Q8: How does the block’s character influence the site’s redevelopment potential?

The block’s quiet residential nature enhances the marketability of future units, offering privacy and calm while remaining only minutes from Midtown’s commercial core. This unique balance is a major draw for buyers seeking luxury living within one of Manhattan’s most connected neighborhoods.

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