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Successful Sale of 39-41 West 23rd Street in Flatiron, Manhattan
Bob Knakal successfully completed the sale of 39-41 West 23rd Street, a valuable development site in the heart of the Flatiron District. The sale closed on July 19, 2007, and marked a significant transaction in one of Manhattan’s most active commercial corridors. The site spans 90,677 buildable square feet, presenting substantial redevelopment potential.
The property, located between Fifth and Sixth Avenues, was sold by Tom Lydon of City Investment Fund and purchased by Michael Yanko of Horizen Global LLC. Bob’s deep understanding of land valuation in this submarket ensured that the seller secured an optimal outcome.
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Sale Details
The final sale price was $31,740,000, which translates to $350.03 per buildable square foot. This price reflects the property's zoning potential and its central location within one of the city's most development-ready neighborhoods.
- Sale Price: $31,740,000
- Buyer: Michael Yanko, Horizen Global LLC
- Seller: Tom Lydon, City Investment Fund
- Asset Class: Development
- Lot Size: Multi-lot (Block 825, Lot 7,502)
- Buildable SF: 90,677
- Price per Buildable SF: $350.03
- Sale Date: July 19, 2007
Property Details
The property is located at 39-41 West 23rd Street, New York, NY 10010, in the historic and ever-popular Flatiron District, just off Madison Square Park. This development site spans multiple lots and offers significant air rights and flexibility for a variety of end-users or developers.
While specific lot dimensions were not disclosed, the buildable square footage and block placement indicate a strong development footprint.
- Located in the heart of the Flatiron District, between Fifth and Sixth Avenues
- Multi-lot development opportunity with flexible configuration
- Surrounded by high-demand residential, office, and retail markets
- Total buildable square footage of 90,677
Market Strategy and Positioning
At the time of the sale in 2007, Manhattan’s development market was heating up, especially in submarkets like Flatiron where zoning allows for a variety of end uses, including residential, hospitality, office, and mixed-use.
Bob Knakal's strategy focused on marketing the property to well-capitalized developers who understood the long-term value of controlling large-footprint sites in high-density neighborhoods. His ability to communicate the site's untapped development potential helped drive strong buyer interest and ultimately led to a competitive closing price.
Neighborhood Overview
The Flatiron District is known for its blend of classic architecture and modern vibrancy. With close proximity to Union Square, Madison Square Park, and the emerging tech corridor of Midtown South, the area is a magnet for both commercial and residential development.
- Walking distance to Madison Square Park and Eataly
- Surrounded by thriving office buildings and national retail tenants
- Excellent subway access (N/R/W, F/M, 1/6 lines nearby)
- Historic architecture blended with modern development energy
Conclusion
The sale of 39-41 West 23rd Street demonstrates the strong demand for well-positioned development sites in Manhattan’s Flatiron District. Bob Knakal’s expertise in land sales and long-standing relationships with both institutional and private investors played a key role in achieving maximum value for the seller.
With deep market knowledge and a strategic marketing approach, Bob once again showcased why he is one of New York City’s leading land brokers.
Testimonial
“Bob Knakal is one of the best land brokers in New York City and did a great job for us.”
— Michael Yanko, Horizen Global LLC
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Frequently Asked Questions
Q1: What type of property was sold at 39-41 West 23rd Street?
It was a development site with 90,677 buildable square feet in the Flatiron District of Manhattan.
Q2: How much did the property sell for?
The property sold for $31,740,000, or approximately $350 per buildable square foot.
Q3: What makes this site attractive to developers?
Its central location between Fifth and Sixth Avenues in Flatiron, large footprint, and zoning flexibility make it ideal for mixed-use development.
