Successful $4.7M Development Site Sale at 424 West 52nd Street
The sale of 424 West 52nd Street underscores the strength of Midtown West as a development market. This 7-story site sold for $4,700,000, providing a prime opportunity for redevelopment and showing how strategic brokerage can drive premium outcomes. Bob Knakal and his team leveraged their deep land expertise to secure favorable terms for the seller.
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Key Sale Details – Midtown West Development Market
Every successful transaction tells a story of pricing strategy, buyer competition, and timing. In Midtown West, development site sales are particularly competitive due to strong investor demand and limited land availability. Below are the core details of this high-profile sale:
- Sale Price: $4,700,000
- Price per Buildable SF (BSF): $445.67
- Buyer: Benny Zhao, New Empire
- Seller: Danny Fishman & Dave Kusy, Gaia Real Estate
- Asset Class: Development Site
- Sale Date: February 13, 2017
Prime Development Property in Midtown West Manhattan
Location is everything in real estate, and this site’s position in Midtown West made it an especially attractive opportunity. With over 10,500 buildable square feet, flexible dimensions, and close proximity to major transit hubs, this property offered ideal conditions for redevelopment.
- Address: 424 West 52nd Street, New York, NY 10019
- Lot Size: 2,510 square feet
- Stories: 7
- Total Buildable SF: 10,546
- Price per SF/BSF: $445.67
Investment Highlights:
- Prime Midtown West location with strong demand for residential and mixed-use projects.
- Flexible lot dimensions suitable for redevelopment.
- Transit accessibility – walking distance to Columbus Circle and Times Square.
- Thriving submarket – one of Manhattan’s fastest-growing development corridors.
Strategic Marketing Plan for Development Site Sales
Selling development sites in Manhattan requires more than just listing a property. It demands strategic positioning, buyer outreach, and the ability to highlight zoning potential in a way that excites developers. Bob Knakal’s team designed a targeted campaign to generate maximum exposure and competitive bidding.
- Executed broad buyer outreach across their investor network.
- Positioned the site’s redevelopment potential to highlight its zoning advantages.
- Generated multiple competitive bids, ensuring favorable terms for the seller.
Why Midtown West is a Top Development Market
Midtown West (Hell’s Kitchen) has rapidly evolved into one of Manhattan’s most dynamic development corridors. With cultural landmarks, excellent transit, and a constant pipeline of new residential and mixed-use projects, it attracts both local and international investors. The area offers the perfect balance of lifestyle, convenience, and long-term growth.
- Cultural appeal – Theater District, Carnegie Hall, Lincoln Center.
- Transit access – A, C, E, 1, B, D subway lines plus bus routes.
- Dining & nightlife – Renowned Ninth Avenue restaurants and entertainment venues.
- Ongoing transformation – new luxury towers and mixed-use projects reshaping the skyline.
Client Testimonial – Trust Built Through Proof
Testimonials provide sellers with confidence that they are choosing the right broker. In this case, the sellers highlighted both the team’s zoning knowledge and their ability to execute a broad marketing campaign that led to strong results.
“When we decided to sell our site on 52nd Street, we wanted a team with deep development site experience. Bob Knakal and his team gave us confidence from day one with their track record and broad marketing program. They did everything they promised and produced great results for us. We highly recommend them.”
— Danny Fishman & Dave Kusy, Gaia Real Estate
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Frequently Asked Questions – 424 West 52nd Street Sale
What type of property is 424 West 52nd Street?
424 West 52nd Street is a 7-story development site located in Midtown West, Manhattan. The lot measures 2,510 square feet and allows for a total of 10,546 buildable square feet. It was marketed as a prime redevelopment opportunity suitable for residential or mixed-use projects in one of New York City’s fastest-growing neighborhoods.
Why was 424 West 52nd Street attractive to buyers?
The site combined a prime Midtown West location with favorable lot dimensions and zoning potential. It is within walking distance of major transit hubs such as Columbus Circle and Times Square, which increases its long-term value. Ongoing redevelopment in the neighborhood, along with strong demand for residential and mixed-use projects, made it highly appealing to investors and developers.
How much did 424 West 52nd Street sell for?
The development site sold for $4,700,000 on February 13, 2017. The sale equated to approximately $445.67 per buildable square foot, which reflected competitive pricing for Midtown West at the time. This transaction demonstrated the strength of land values in Manhattan’s west side development market.
Who purchased 424 West 52nd Street?
The buyer was Benny Zhao of New Empire, a New York City–based development firm. New Empire has been active in pursuing residential and mixed-use projects across Manhattan. Their acquisition of this property aligned with their strategy of targeting development opportunities in high-demand neighborhoods.
Who were the sellers of 424 West 52nd Street?
The sellers were Danny Fishman and Dave Kusy of Gaia Real Estate. Gaia Real Estate is an investment and development company with a portfolio of residential and commercial assets. They chose to work with Bob Knakal and his team because of their expertise in Midtown West development site sales and proven marketing approach.
What challenges were involved in the sale of 424 West 52nd Street?
The main challenge was the site’s zoning complexity, which required detailed understanding of Midtown West regulations. Many potential buyers needed clarity on how the site could be redeveloped and what uses would be permitted. The brokerage team addressed this by targeting experienced developers and presenting the property’s zoning advantages in a clear and data-driven way.
What marketing strategy was used to sell 424 West 52nd Street?
Bob Knakal and his team executed a broad marketing campaign that included outreach to their extensive buyer database and targeted positioning of the property’s redevelopment potential. They emphasized proof of past successful land transactions to build buyer confidence. The strategy generated multiple competitive bids, leading to a favorable outcome for the seller.
Why is Midtown West appealing for development projects?
Midtown West, also known as Hell’s Kitchen, has become one of Manhattan’s most dynamic neighborhoods for development. The area offers strong cultural appeal, with proximity to the Theater District, Carnegie Hall, and Lincoln Center. It also benefits from excellent transit access, a wide range of dining options, and ongoing construction of new luxury towers and mixed-use projects.
What does the sale of 424 West 52nd Street reveal about the Midtown West market?
The transaction highlights continued investor confidence in Midtown West development opportunities. With strong buyer competition and a premium price per buildable square foot, the sale demonstrated how demand for well-located land remained strong even in a complex zoning environment. It also showed how strategic marketing and exclusive representation can maximize value for sellers.
What can property owners learn from the sale of 424 West 52nd Street?
This sale illustrates the importance of working with brokers who understand both zoning and buyer psychology. By packaging the site’s strengths into a clear marketing campaign, the sellers were able to generate competitive offers and achieve an optimal price. Other property owners can learn that development sites require more than exposure—they require positioning, proof, and expertise to secure the best results.
