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Successful Sale of 26-30 West 18th Street in Flatiron, Manhattan
Bob Knakal successfully arranged the sale of 26-30 West 18th Street, a one-story development site in Manhattan’s coveted Flatiron District. The property, sold by The New School—a nonprofit educational institution—was purchased by the Hakimian Organization, led by Ben Hakimian, for $8,200,000.
This unique site stood out due to its rare assemblage potential and 98,000 buildable square feet in one of Manhattan’s most dynamic submarkets.
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Sale Details
The closing took place on January 17, 2003, marking the transfer of a prime development asset in the heart of Flatiron.
- Sale Price: $8,200,000
- Price per Buildable SF: $83.67
- Buyer: Hakimian Organization (Ben Hakimian)
- Seller: The New School (James Murtha)
- Asset Class: Development Site
- Buildings on Site: 1
- Total Buildable SF: Approx. 98,000
- Lot Dimensions: 75 ft x 84 ft
Property Details
Located on the north side of West 18th Street between Fifth and Sixth Avenues, the property sits at the convergence of the Flatiron and Chelsea neighborhoods—two of Manhattan’s most dynamic districts for residential and commercial development.
- Full Address: 26-30 West 18th Street, New York, NY 10011
- Zoning: Development use
- Lot Size: 6,300 SF (approx.)
- Buildable SF: 98,000
- Stories: 1
- Block / Lot: 819 / 59
Investment Highlights:
- Prime Flatiron location with exceptional development upside
- Substantial 75-foot frontage on West 18th Street
- Delivered vacant, ideal for redevelopment
- Near multiple subway lines and cultural institutions
Market Strategy and Positioning
Flatiron has long been a magnet for developers due to its blend of classic architecture, vibrant lifestyle amenities, and central location. At the time of the sale, the local real estate market was experiencing a strong demand for residential and mixed-use developments.
Bob Knakal positioned the site as a rare development opportunity for institutional and private developers seeking scale in a prime Midtown South corridor. The property’s vacant delivery, generous frontage, and proximity to tech and design firms further enhanced its appeal.
Neighborhood Overview
The Flatiron District is one of Manhattan’s most recognized and vibrant neighborhoods, known for its historic architecture and creative energy. This location offered a unique combination of culture, commerce, and connectivity.
Neighborhood Highlights:
- Steps from Union Square, Madison Square Park, and Fifth Avenue retail
- Surrounded by high-end condominiums and office conversions
- Walkable to Gramercy, Chelsea, and NoMad
- Excellent access to transportation, including the 4/5/6, F/M, L, and N/Q/R/W lines
Conclusion
The sale of 26-30 West 18th Street highlights Bob Knakal’s continued leadership in New York City’s development market. This transaction, involving a nonprofit seller and experienced development buyer, demonstrates Bob’s expertise in handling complex deals with precision and strategy. With extensive knowledge of zoning, local demand, and buyer behavior, the team secured optimal results for the seller and facilitated a seamless transition to the next phase of development.
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Frequently Asked Questions
Q1: What is the total buildable square footage for 26-30 West 18th Street?
Approximately 98,000 buildable square feet, making it a substantial development opportunity in the Flatiron District.
Q2: Who was the seller of the property?
The property was sold by The New School, a nonprofit educational institution.
Q3: What makes this development site particularly attractive?
Its 75 feet of frontage, central Flatiron location, vacant delivery, and scale make it an exceptional asset for future residential or mixed-use development.
