Successful Sale of 31–33 West 37th Street in Midtown West, Manhattan
Bob Knakal successfully brokered the sale of 31–33 West 37th Street, a prime Midtown West development site, for $3,900,000. Owned by Stephen Green of Fogar Realty and purchased by Ken and Gary Rosenblatt, this sale reflects the strength of Manhattan’s development market during the late 1990s. Strategically located between Fifth and Sixth Avenues, the property presented a rare opportunity for builders and investors seeking a mid-block parcel with significant redevelopment potential.
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Midtown West Development Site Sale Details
This transaction demonstrated renewed investor confidence in Manhattan’s post-recession development sector. Bob Knakal’s expertise in property positioning and buyer outreach led to a strong price per buildable square foot and a seamless closing for both parties.
Key Sale Details:
- Sale Price: $3,900,000
- Price per Buildable SF: $51.96
- Buyer: Ken & Gary Rosenblatt
- Seller: Stephen Green, Fogar Realty
- Seller Type: Private Investor
- Property Type: Development Site
- Date Closed: February 12, 1999
Highlights:
- Located mid-block between Fifth and Sixth Avenues
- Total buildable area: approx. 75,052 square feet
- Lot dimensions: 60 × 98 feet
- Proximity: Steps from major Midtown business corridors and public transit
Property Overview: Prime Midtown West Development Site
The property at 31–33 West 37th Street, New York, NY 10018, combined two contiguous lots spanning 60 × 98 feet, yielding over 75,000 buildable square feet (BSF). This site’s flexible zoning and ideal Midtown West location made it a compelling opportunity for office, hotel, or mixed-use development.
Investment Highlights:
- Zoning: Development (Commercial / Mixed-Use Potential)
- Lot Size: 60 × 98 feet
- Buildable SF: 75,052
- Location: Midtown West, Manhattan’s commercial core
- Nearby Landmarks: Bryant Park, Penn Station, and Herald Square
During the late 1990s, demand for Midtown development parcels surged as New York City’s skyline evolved. The property’s central location within walking distance of key business and transit hubs further elevated its value to developers and institutional investors alike.
Market Strategy and Positioning: Maximizing Developer Demand
Midtown West was among Manhattan’s most active development corridors in the 1990s, with developers pursuing infill opportunities for hospitality and office projects. Bob Knakal leveraged this momentum by targeting qualified end-users and developers actively seeking Midtown parcels.
His strategy emphasized:
- The property’s prime positioning between Fifth and Sixth Avenues
- Efficient lot configuration ideal for vertical development
- Immediate buildable potential under favorable zoning conditions
Through focused outreach and data-driven pricing, Bob Knakal secured a competitive sale price that surpassed initial market expectations and demonstrated the site’s enduring value within Manhattan’s evolving commercial landscape.
Neighborhood Overview: The Strength of Midtown West
Midtown West is one of New York City’s most dynamic and interconnected neighborhoods, offering world-class access to corporate, cultural, and transportation hubs. Its combination of history, infrastructure, and constant reinvention continues to make it a magnet for real estate investors.
Highlights of Midtown West:
- Cultural Core: Steps from Bryant Park, Times Square, and the Broadway Theatre District, creating unparalleled entertainment and lifestyle appeal.
- Connectivity: Immediate access to Penn Station, Grand Central Terminal, and multiple subway lines (B, D, F, M, N, Q, R, 1, 2, 3).
- Corporate Presence: Home to Fortune 500 headquarters, boutique office users, and growing tech firms.
- Ongoing Development: Redevelopment of underutilized sites and conversions continue to drive property values upward.
Midtown West’s fusion of pre-war architecture and modern redevelopment keeps it at the center of Manhattan’s commercial and cultural heartbeat.
Conclusion: Strategic Midtown West Sale by Bob Knakal
The sale of 31–33 West 37th Street demonstrates Bob Knakal’s precise market knowledge and commitment to client success. By positioning the site for maximum exposure, identifying qualified buyers, and timing the market effectively, Bob achieved a smooth transaction that exceeded expectations.
This sale reaffirmed the strength of Midtown West’s development market, highlighting ongoing investor demand for well-located Manhattan parcels and showcasing Bob Knakal’s reputation for delivering top-tier results in every cycle of the market.
Client Testimonial
“When our families needed to select a broker, we interviewed several firms. Bob Knakal’s enthusiasm, optimism, and professionalism made him the clear choice for us. He protected our best interests every step of the way throughout the entire sales process. We are already doing more deals with him and are happy to recommend Bob to other potential sellers of properties. Bob will not let you down.”
— Steve Green, Fogar Realty
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Frequently Asked Questions About the Sale of 31–33 West 37th Street
Q1: Where is 31–33 West 37th Street located in Manhattan?
The property sits mid-block between Fifth and Sixth Avenues in Midtown West, one of Manhattan’s most active commercial districts. It is only a few blocks from Bryant Park, Herald Square, and Penn Station, providing exceptional visibility and accessibility.
Q2: What type of property was sold?
The site consisted of two contiguous development parcels with approximately 75,052 buildable square feet, offering flexibility for office, hospitality, or mixed-use construction.
Q3: How large is the combined property?
The lots together measured 60 × 98 feet, creating a substantial footprint ideal for ground-up development projects.
Q4: What was the total sale price and price per buildable square foot?
The property sold for $3,900,000, equating to approximately $51.96 per buildable square foot, a strong figure for the time given its location and potential.
Q5: Who brokered the transaction?
The sale was exclusively arranged by Bob Knakal, whose deep market expertise and targeted strategy secured a favorable result for the seller, Fogar Realty.
Q6: Why was this site attractive to developers?
Its central Midtown West location, efficient lot dimensions, and zoning flexibility provided developers with immediate potential for high-rise commercial or mixed-use projects near key transit and business nodes.
Q7: What makes Midtown West one of Manhattan’s most desirable development markets?
Midtown West’s unique blend of corporate density, transit connectivity, and cultural landmarks—including Bryant Park, Times Square, and Hudson Yards—drives consistent investment demand and long-term asset appreciation.
Q8: How did Bob Knakal’s marketing strategy influence the sale outcome?
By identifying active developers and tailoring marketing materials around the site’s prime Midtown attributes, Bob Knakal positioned the property to attract competitive offers, resulting in a premium sale price and swift transaction process.
Q9: What was the broader significance of this sale in the 1990s Manhattan market?
The sale of 31–33 West 37th Street reflected growing confidence in Midtown West’s redevelopment potential, foreshadowing the area’s transformation into one of Manhattan’s most vibrant commercial centers in the decades that followed.
