Successful Sale of 21-23 West 37th Street in Midtown West, Manhattan
Bob Knakal successfully closed the sale of 21-23 West 37th Street, a prime development site in the core of Midtown West, Manhattan. Positioned within a thriving business and hospitality corridor, the transaction underscores the strength of Manhattan’s investment sales market, where underbuilt lots continue to attract developers and institutional investors.
The Midtown West submarket remains one of New York’s most active and resilient commercial hubs, driven by its central location and robust tenant demand. The sale reinforces investor appetite for redevelopment-ready properties near Midtown’s premier destinations.
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Sale Details: A Strategic $1.8M Investment in Midtown Manhattan
This transaction closed on December 18, 1998, at a sale price of $1,800,000, translating to approximately $51.89 per buildable square foot. The buyers, MHM Parking and Zuma Realty LLC, acquired the site from Elliott Gross, marking a forward-looking acquisition at the time amid the late 1990s Midtown redevelopment surge.
The sale emphasized long-term growth prospects tied to Midtown’s evolution as a mixed-use business and hospitality destination, making the site an ideal platform for future vertical expansion.
Key Sale Highlights:
- Sale Price: $1,800,000
- Price per Buildable SF: $51.89
- Buyer: MHM Parking, Zuma Realty LLC
- Seller: Elliott Gross
- Asset Class: Development Site
- Date Closed: December 18, 1998
Property Overview: 21-23 West 37th Street, Midtown West, Manhattan
Situated between Fifth and Sixth Avenues, 21-23 West 37th Street lies within one of Midtown West’s most sought-after corridors, surrounded by premier office towers, hospitality assets, and major transit routes. This location is ideal for developers seeking central Manhattan exposure with flexible zoning potential.
The site’s size, zoning, and accessibility create an appealing opportunity for high-density mixed-use development, catering to Manhattan’s demand for modernized commercial and hospitality inventory.
Property Specifications:
- Full Address: 21-23 West 37th Street, New York, NY 10018
- Lot Dimensions: 35 ft x 98 ft
- Total Buildable SF: 34,690 square feet
- Stories: 1
- Buildings on Lot: 3
- Zoning: Suitable for mixed-use or commercial development
Investment Highlights: Rare Midtown Development Opportunity
As one of the few remaining underbuilt sites in Midtown West, 21-23 West 37th Street offers exceptional potential for redevelopment or vertical expansion. Its location, within walking distance of Bryant Park, Penn Station, and Grand Central Terminal, makes it a standout candidate for office, hotel, or residential development.
Investors continue to target Midtown West for its combination of strong transit access, steady leasing demand, and proximity to retail and entertainment districts.
Highlights Include:
- Strategically located between Fifth and Sixth Avenues
- Exceptional redevelopment potential
- Central access to major transit hubs
- Surrounded by corporate offices and hospitality destinations
- Strong long-term value in Manhattan’s commercial core
Market Context: Midtown West Development Trends of the Late 1990s
During the late 1990s, Midtown West experienced a steady wave of acquisitions as developers sought underutilized properties for future office and hospitality conversions. The purchase of 21-23 West 37th Street aligned perfectly with these emerging trends.
Its zoning flexibility and location within Manhattan’s commercial heart positioned the site as a future-proof investment, capable of adapting to the evolving office and mixed-use landscape that continues to define Midtown today.
Neighborhood Overview: The Energy and Accessibility of Midtown West NYC
Midtown West is one of Manhattan’s most vibrant and commercially dynamic neighborhoods. With world-class retail, dining, and entertainment options within walking distance, the area blends historic architecture with cutting-edge development. The neighborhood’s strategic proximity to transit and cultural landmarks enhances its appeal to both investors and occupiers.
Nearby Attractions:
- Bryant Park: A lush Midtown oasis and community gathering space.
- Fifth Avenue Retail Corridor: A luxury shopping district attracting global visitors.
- Grand Central Terminal: One of NYC’s primary transit and architectural icons.
- Times Square: The world’s most recognized entertainment destination.
Neighborhood Highlights:
- Thriving commercial and hospitality ecosystem
- Excellent subway and commuter rail connectivity
- Ongoing development and modernization activity
- Central access to business, retail, and cultural landmarks
Conclusion: A Defining Transaction in Midtown West’s Development Market
The $1.8 million sale of 21-23 West 37th Street demonstrates enduring investor confidence in Midtown West’s redevelopment potential. Its prime location, flexible zoning, and buildable scale create a foundation for future commercial or mixed-use construction.
Bob Knakal’s role in this transaction reflects a consistent record of identifying strategic investment opportunities and facilitating deals that align with long-term Manhattan market growth.
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Frequently Asked Questions (FAQs)
Q1: What makes 21-23 West 37th Street a valuable investment opportunity?
The site offers 34,690 buildable square feet in the core of Midtown West, one of Manhattan’s most active submarkets. Its zoning flexibility, central location, and proximity to major transit make it ideal for redevelopment into office, hotel, or mixed-use properties.
Q2: What was the final sale price and pricing metrics for this development site?
The property sold for $1,800,000, or approximately $51.89 per buildable square foot, reflecting strong market fundamentals for Midtown development sites even in the late 1990s.
Q3: Who were the buyer and seller involved in the transaction?
The buyers were MHM Parking and Zuma Realty LLC, while the seller was Elliott Gross. The transaction represents a strategic acquisition for long-term value creation in Manhattan’s commercial core.
Q4: What are the property’s dimensions and zoning characteristics?
The lot measures approximately 35 feet by 98 feet, totaling 34,690 buildable square feet. Zoning allows for commercial or mixed-use redevelopment, making the site adaptable to future market demand.
Q5: Why is Midtown West a focus area for real estate investors?
Midtown West is prized for its connectivity, corporate density, and consistent tenant demand. The area houses global headquarters, boutique hotels, and cultural landmarks—factors that enhance property value and leasing performance.
Q6: How does this sale contribute to understanding Midtown’s long-term market growth?
The transaction reflects early recognition of Midtown’s transformation into a modern business and hospitality hub. Development activity in this area set the stage for future mixed-use high-rise projects, which continue to define Midtown’s skyline.
Q7: What opportunities exist today for similar Midtown development sites?
Modern investors continue to pursue underbuilt lots across Midtown West for adaptive reuse or vertical expansion. Sites with strong transit access, like 21-23 West 37th Street, remain among the most competitive assets in Manhattan’s investment landscape.
