.avif)
Successful Sale of 7 West 24th Street in Flatiron, Manhattan
Bob Knakal successfully facilitated the sale of 7 West 24th Street, a five-story mixed-use development opportunity in the heart of the Flatiron District. The property sold for $9,500,000 to attorney and investor Mark J. Geragos. The seller was Steve Witkoff of the Witkoff Organization.
Located just steps from Madison Square Park, this pre-war property stood out as an ideal candidate for conversion from a residential townhouse into a school or institutional facility, given its size, configuration, and proximity to numerous transit options.
Development Site Sales - For the complete list click here Development Sites
Sale Details
This Flatiron development site closed on January 9, 2015 for $9,500,000, translating to $400.34 per buildable square foot on a total of 23,730 buildable square feet.
Key Sale Facts:
- Sale Price: $9,500,000
- Price per BSF: $400.34
- Buyer: Mark J. Geragos
- Seller: Steve Witkoff, Witkoff Organization
- Seller Type: Developer
- Asset Class: Development, Mixed-Use
- Sale Date: January 9, 2015
Property Details
Located on West 24th Street between Fifth and Sixth Avenues, the building is situated in one of Manhattan’s most dynamic commercial and educational corridors.
Property Address: 7 West 24th Street, New York, NY 10010
Lot Dimensions: 24 ft x 98 ft
Zoning: Development, Mixed-Use
Stories: 5
Investment Highlights:
- Generous buildable area of 23,730 square feet
- Ideal layout for school conversion or educational institution
- Centrally located in the Flatiron District near tech and creative industry tenants
- Steps from Madison Square Park, Eataly, and the R/W/6 subway lines
Market Strategy and Positioning
The Flatiron District remains one of Manhattan’s most resilient and desirable submarkets, driven by a combination of strong foot traffic, proximity to Madison Square Park, and a growing institutional presence. Properties suited for alternative uses—such as schools or community facilities—are especially competitive in this corridor, and BKREA leveraged that trend to position 7 West 24th Street accordingly.
Neighborhood Overview
Flatiron is known for its blend of historic architecture, thriving businesses, and creative energy.
Neighborhood Highlights:
- Adjacent to Madison Square Park and surrounded by cultural institutions
- Minutes from Eataly, Shake Shack, and Gramercy Tavern
- Home to major tech and design firms
- Convenient access to R/W/6/F/M subway lines
Conclusion
The sale of 7 West 24th Street demonstrates BKREA’s nuanced approach to niche asset repositioning in Manhattan’s core submarkets. By identifying the building’s potential for institutional use and targeting the right buyer profile, Bob Knakal and his team secured optimal value for the seller in a highly strategic off-market transaction.
Testimonial
"We have done several deals with Bob Knakal and his team and each time they go above and beyond for us. If you are selling a development site in New York City, you must speak to Bob and his team."
– Gary Barnett, Extell Development
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
Frequently Asked Questions
Q1: What kind of property was 7 West 24th Street before the sale?
It was a five-story mixed-use townhouse with potential for educational or institutional conversion.
Q2: What made this property attractive for a school conversion?
Its generous interior dimensions, five-story layout, and proximity to major subway lines and commercial hubs.
Q3: Was the sale conducted on-market or off-market?
The transaction was completed off-market, targeting a specialized buyer with institutional-use interest.
