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Successful Sale of 135 West 45th Street in Midtown West, Manhattan
Bob Knakal and his team successfully closed the sale of 135 West 45th Street, a prime development site located in the heart of Midtown West, Manhattan. The transaction, completed on May 2, 2003, involved the sale of a four-building assemblage totaling 87,600 buildable square feet. This key site, positioned just steps from Times Square, was acquired by Intel Management, led by Gary Barnett, from seller Lou Jablonski of the Durst Organization. The sale reflects the enduring appeal of Midtown West for high-density commercial and mixed-use development.
This transaction was facilitated by Bob Knakal and his team, who played a critical role in structuring the assemblage and aligning it with market demand.
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Sale Details
This Midtown West development opportunity sold for $8,300,000, translating to approximately $94.75 per buildable square foot.
Buyer: Gary Barnett, Intel Management
Seller: Lou Jablonski, Durst Organization
Seller Type: Institutional Owner
Asset Class: Development
Sale Date: May 2, 2003
Highlights of the Sale:
- Four-building assemblage on West 45th Street
- 87,600 buildable square feet
- Strategic location between Sixth and Seventh Avenues
- Positioned for commercial or mixed-use development
Property Details
Located at 135 West 45th Street, New York, NY 10036, the property is situated between Sixth and Seventh Avenues in Midtown West—one of Manhattan’s most commercially vibrant submarkets. The site encompasses a portfolio of buildings at 131, 135, and 137-139 West 45th Street, creating a contiguous lot ideal for vertical development. The existing structures total four buildings across eight lots, primed for assemblage and redevelopment.
Investment Highlights:
- Buildable SF: 87,600
- Buildings/Lots: 4 buildings across 8 lots
- Address Assemblage: 131, 135, 137–139 West 45th Street
- Zoning: Flexible for commercial, office, or hospitality use
- Location: Midtown West—steps from Times Square and major transit lines
Market Strategy and Positioning
At the time of the sale, Midtown West was undergoing a period of aggressive expansion and redevelopment. The demand for commercial space near Times Square and Grand Central Terminal fueled interest in buildable sites like 135 West 45th Street. Bob Knakal recognized the assemblage’s potential for a high-rise office or hospitality development, making it a compelling fit for forward-looking developers like Gary Barnett.
By highlighting the site's scale, zoning flexibility, and location within the Theater District’s development corridor, Bob Knakal’s team attracted interest from multiple buyers before executing a favorable transaction with Intel Management.
Neighborhood Overview
Midtown West is one of the most dynamic commercial districts in Manhattan. Known for its towering skyscrapers and 24/7 activity, the area remains a magnet for real estate investors seeking scale, visibility, and proximity to major transit hubs.
Local Highlights:
- Close proximity to Times Square, Bryant Park, and Rockefeller Center
- Highly trafficked corridors ideal for hospitality, retail, and commercial developments
- Easily accessible via subway lines (B, D, F, M, N, Q, R, W, 1, 2, 3, 7) and Port Authority Bus Terminal
- Home to Broadway theaters, Fortune 500 offices, and luxury hotels
Conclusion
The sale of 135 West 45th Street marks a strategic victory for all parties involved. The property’s scale, zoning, and Midtown West location presented a rare opportunity for large-scale redevelopment. Bob’s expert navigation of the market and ability to assemble multiple parcels into one cohesive site underscored the firm’s strength in facilitating complex development deals.
Testimonial
“Bob Knakal and his team did a great job putting this deal together for us. Well done!”
— Lou Jablonski, Durst Organization
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Frequently Asked Questions
Q1: What type of property is 135 West 45th Street?
135 West 45th Street is part of a development site consisting of four buildings across eight lots in Midtown West. The site was sold for its buildable potential rather than its existing use.
Q2: How large is the development site in terms of buildable square footage?
The total buildable square footage is 87,600 SF, providing substantial density for high-rise development, particularly commercial or hotel use.
Q3: Why is the Midtown West location important for development?
Midtown West offers unparalleled connectivity, proximity to Times Square and transit hubs, and zoning that allows for high-density commercial or mixed-use projects. These characteristics make it highly attractive to developers.
Q4: Who acquired the site, and what is their reputation in real estate?
The buyer, Gary Barnett of Intel Management (Extell Development), is a well-known developer in New York City, known for acquiring key assemblages and creating skyline-changing developments.
Q5: What made this particular site attractive to the buyer?
The site offered a rare assemblage opportunity with large buildable square footage in the heart of Manhattan’s Theater District, ideal for office, hospitality, or mixed-use development.
Q6: What was Bob Knakal’s strategy in marketing this property?
Bob Knakal leveraged the site’s development potential and strategic location to attract institutional buyers. His team assembled multiple parcels into a cohesive package and used his market expertise to negotiate a strong outcome.
