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Successful Sale of 19–25 West 20th Street in the Flatiron District, Manhattan
Bob Knakal successfully arranged the sale of 19–25 West 20th Street, a prime development site located in Manhattan’s Flatiron District. The property was sold by Gary Barnett of Extell Development to The Gale Organization for $9,750,000.
The site’s unique characteristics and zoning complexities required expert navigation. Through a targeted marketing process and hands-on involvement, Bob identified the ideal buyer and executed a successful transaction in one of Manhattan’s most architecturally significant neighborhoods.
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Sale Details
This sale involved a well-positioned development parcel in the heart of the Flatiron District, offering over 32,000 buildable square feet.
Sale Price: $9,750,000
Price per Buildable Square Foot: $299.96
Buyer: The Gale Organization
Seller: Gary Barnett, Extell Development
Date Closed: January 14, 2013
Key Highlights:
- 32,504 buildable square feet
- Located between Fifth and Sixth Avenues
- Situated in one of Manhattan’s most design-forward, sought-after submarkets
- Zoned for residential or mixed-use development
Property Details
19–25 West 20th Street sits midblock between Fifth and Sixth Avenues, a stone’s throw from the Ladies’ Mile Historic District and numerous major retail anchors. The site offers excellent access to transit and is surrounded by luxury residential conversions, making it highly attractive for new residential or mixed-use development.
Full Address: 19–25 West 20th Street, New York, NY 10011
Zoning: Mixed-use/residential development permitted
Lot Information: Block 822, Lot 7506
Buildable Square Footage: 32,504 SF
Frontage: Approx. 75 feet along West 20th Street
Investment Highlights:
- Rare midblock development opportunity in prime Flatiron
- Suitable for boutique residential development or luxury condo conversion
- Steps from Flatiron Building, Madison Square Park, and Union Square
- Surrounded by top restaurants, retail, and tech tenants
Market Strategy and Positioning
At the time of sale, Manhattan’s residential development market was beginning its post-recession rebound. The Flatiron District, with its balance of historic charm and new energy from tech and media tenants, was emerging as a premier luxury neighborhood.
Understanding the zoning intricacies and neighborhood expectations, Bob Knakal positioned the asset to attract boutique developers with the capacity to bring a high-end residential concept to life. By focusing on end users who valued the architectural character and market potential of Flatiron, Bob secured a premium deal for the seller.
Neighborhood Overview
Flatiron is one of Manhattan’s most dynamic and architecturally rich neighborhoods, attracting residential, tech, and hospitality development. The area has evolved into a lifestyle hub while retaining its historic character.
Notable Neighborhood Features:
- Anchored by Madison Square Park and Eataly
- Near Union Square and major subway lines (4/5/6, N/Q/R/W, L)
- Renowned for its pre-war buildings, design studios, and boutique hotels
- High pedestrian traffic and strong residential demand
Conclusion
The sale of 19–25 West 20th Street showcases the power of strategic brokerage in a complex development environment. Bob Knakal’s ability to position the site correctly and connect with the right buyer made this sale a success. It’s a prime example of how experience and market insight can unlock value for sellers—even in nuanced transactions.
Testimonial
“Given the complexities of this site, Bob Knakal was the perfect broker to maximize our results on the sale. He found the perfect buyer for us.”
– Dov Hertz, Extell Development
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Frequently Asked Questions
Q1: What type of development is possible at 19–25 West 20th Street?
A1: The site allows for residential or mixed-use development, making it ideal for boutique condos or a luxury rental building.
Q2: How large is the site in terms of development potential?
A2: The property offers approximately 32,504 buildable square feet, presenting a rare opportunity in the Flatiron District.
Q3: Why was Flatiron a desirable location for this development?
A3: Flatiron’s blend of historic architecture, high-end retail, and proximity to tech companies makes it one of Manhattan’s most attractive neighborhoods for new residential development.
