Successful Sale of 132 Madison Avenue in Murray Hill, Manhattan
Bob Knakal facilitated the successful sale of 132 Madison Avenue, a 10,472 square foot full-floor office building located in the heart of Murray Hill. The transaction, which closed on December 3, 1998, involved the sale of a single-tenant user office property to Christian Herald Associates, a nonprofit organization. This sale marked a meaningful exit for Pacific Delight Tours, who had owned and operated the property for years.
The seller, Francis Luk of Pacific Delight Tours Inc., sought a buyer who could appreciate the uniqueness of the space and pay fair market value. Thanks to Bob’s reputation, targeted strategy, and extensive network, the property sold for $2,650,000—exceeding the seller’s expectations.
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Sale Details
132 Madison Avenue stood out as a user office property, well-located within Manhattan’s Midtown South corridor. With a total of 10,472 square feet, the building presented an ideal fit for a nonprofit organization seeking long-term headquarters.
The final sale price of $2.65 million equated to approximately $253 per square foot. Bob Knakal’s approach involved identifying and engaging user-buyers who could best utilize the property’s layout and location—ultimately securing a committed buyer and favorable price.
- Sale Price: $2,650,000
- Property Type: User Office
- Square Footage: 10,472 SF
- Price per SF: $253.06
- Sale Date: December 3, 1998
- Buyer: Christian Herald Associates
- Seller: Pacific Delight Tours Inc.
- Neighborhood: Murray Hill, Manhattan
- Address: 132 Madison Avenue, New York, NY 10016
Property Details
Situated on Madison Avenue between East 31st and 32nd Streets, 132 Madison Avenue offered excellent Midtown South accessibility and visibility. The building featured a flexible layout ideal for owner-occupancy, and its full-floor footprint allowed for efficient use of space. The area’s vibrant mix of residential, medical, and office tenants created strong ongoing demand for user properties.
Bob Knakal’s marketing efforts emphasized the building’s user potential and long-term value. Several nonprofits, professionals, and institutions expressed interest, resulting in competitive bidding and a swift deal.
Market Strategy and Result
The seller, Francis Luk, initially expected modest interest based on the building’s niche appeal. However, Bob Knakal’s outreach to nonprofits, educational institutions, and user-occupants generated strong momentum. His deep market knowledge allowed him to highlight the advantages of user-owned real estate—leading to a compelling narrative that resonated with buyers.
This strategic targeting helped the seller exceed pricing expectations and close with a qualified nonprofit buyer aligned with the building’s purpose and design.
Neighborhood Overview
Murray Hill is a centrally located neighborhood in Manhattan known for its mix of residential charm and institutional use:
- Home to medical offices, nonprofits, and owner-occupied buildings
- Proximity to Penn Station, Grand Central Terminal, and subway lines
- Strong user demand due to neighborhood stability and accessibility
- Blend of pre-war buildings and modern office structures
- Attractive for professionals, small organizations, and educational entities
Conclusion
The sale of 132 Madison Avenue showcases Bob Knakal’s deep understanding of the user office market and ability to deliver above-expectation results for sellers. Through a strategic buyer-focused approach, Bob secured the right buyer at the right price—achieving a strong outcome for Pacific Delight Tours and enabling the building’s continued use by a mission-driven organization.
Testimonial
“Many people told us to call Bob Knakal to represent us. It was uncanny how everyone we knew in real estate pointed us in the same direction. Everyone was right. Bob Knakal earns his stellar reputation every day. He achieved a price for us that was higher than we expected. All potential sellers should speak to Bob Knakal.”
— Francis Luk, Pacific Delight Tours
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Frequently Asked Questions
What kind of organization purchased 132 Madison Avenue?
The buyer was Christian Herald Associates, a nonprofit organization seeking a long-term office space for its operations.
Why was the building attractive to user-buyers?
Its full-floor layout, manageable size, and location in Murray Hill made it ideal for nonprofits or professional users looking to own rather than lease space in Manhattan.
Was the final sale price above expectations?
Yes. Bob Knakal’s marketing strategy and targeted outreach helped the seller achieve a price higher than anticipated.
