Successful Sale of 247 East 53rd Street in Midtown East, Manhattan
Bob Knakal successfully arranged the sale of 247 East 53rd Street, a former school building located in the Midtown East section of Manhattan. This property, which had served the community under the ownership of The Prescott Neighborhood House Foundation, was sold for $1,788,000. Bob’s in-depth neighborhood expertise and ability to guide nonprofit sellers through complex real estate transactions played a pivotal role in achieving the foundation’s goals.
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Sale Details
This legacy asset sold for $1,788,000, equating to approximately $198.67 per square foot based on the 9,000 BSF. The seller was The Prescott Neighborhood House (NY), a long-standing community-focused nonprofit organization. The deal closed on June 28, 1990.
Key transaction highlights:
- Sale Price: $1,788,000
- Price per BSF: $198.67
- Property Type: School, User
- Seller: The Prescott Neighborhood House (NY)
- Date Closed: June 28, 1990
Property Details
247 East 53rd Street is situated midblock between Second and Third Avenues, placing it in the heart of Midtown East—one of Manhattan’s most business-driven and accessible neighborhoods. The property falls within Block 1327, Lot 20.
Full Address: 247 East 53rd Street, New York, NY 10022
Investment highlights include:
- Year Built: Pre-1990s construction
- Building Size: Approximately 9,000 BSF
- Stories: Not disclosed (typical school structure with mid-rise proportions)
- Zoning: Likely R8B or C1-9 contextual zoning, common to the area
- Use Type: Former School/User Building
The asset's utility, generous square footage, and prime location positioned it as a compelling user opportunity or adaptive reuse candidate.
Market Strategy and Positioning
During a time when institutional sales were rare and nonprofits required thoughtful representation, Bob positioned this property to appeal to a select group of users who could repurpose the structure without major rezoning. Midtown East, with its central location and steady commercial pulse, provided an ideal environment for a school user or nonprofit buyer.
Bob’s strategy focused on targeted outreach within the education and nonprofit sectors while emphasizing the property’s irreplaceable location and adaptability.
Neighborhood Overview
Midtown East is one of Manhattan’s most dynamic neighborhoods, blending residential, commercial, and institutional uses. Known for its proximity to transit and iconic New York landmarks, the area remains a hub for professionals, institutions, and embassies.
Neighborhood highlights include:
- Proximity to Grand Central Terminal, offering unmatched transportation access.
- Walking distance to the United Nations Headquarters, a key landmark for international and nonprofit institutions.
- Home to iconic office towers, such as the Lipstick Building and the Seagram Building.
- Tree-lined residential blocks, creating a quiet contrast to the hustle of nearby Midtown avenues.
- Top-rated restaurants and cafes, including Smith & Wollensky and The Smith.
- Anchored by prestigious medical and educational institutions, including Weill Cornell and Marymount Manhattan College.
Midtown East continues to attract a mix of user and investor interest, especially for properties with existing institutional infrastructure.
Conclusion
The sale of 247 East 53rd Street exemplifies Bob Knakal’s unique ability to guide legacy sellers—like nonprofit organizations—through high-stakes transactions with clarity and care. With thoughtful market positioning and a deep understanding of user demand in Midtown East, Bob ensured a seamless transition for The Prescott Neighborhood House Foundation.
Testimonial
“This property was an important part of our organization for many decades. I needed an agent who knew the local market and could hold our hand throughout the process. We trusted Bob right from the start and he didn’t let us down. We are happy to provide Bob with our highest recommendation. He won’t let you down!”
— Stephen Slobadin, The Prescott House Foundation
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Frequently Asked Questions
Q1: What type of property was 247 East 53rd Street used for before the sale?
247 East 53rd Street was previously used as a school facility under the ownership of a nonprofit organization. It functioned as a community-serving institutional asset.
Q2: Why is 247 East 53rd Street considered valuable despite its modest sale price?
Its location in Midtown East, a central Manhattan district with excellent transportation access and institutional presence, makes the site highly adaptable for a variety of users.
Q3: Was the property sold for development or continued use?
While the sale details did not specify a buyer or use, the property’s size and infrastructure made it ideal for continued institutional use or adaptive reuse by a user group.
Q4: What role did Bob Knakal play in the sale?
Bob provided strategic market guidance, targeted outreach to relevant buyer groups, and managed a smooth closing process tailored to the specific needs of a nonprofit seller.
