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Successful Sale of 41 West 47th Street in Midtown West, Manhattan
Bob Knakal successfully closed the sale of 41 West 47th Street, a five-story walk-up commercial property in the heart of Manhattan’s Jewelry District. Formerly home to the Gotham Book Mart, this 25-foot-wide, 9,000-square-foot building presented a rare opportunity for redevelopment in one of Midtown West’s most specialized commercial submarkets.
The property’s location on West 47th Street, surrounded by high-volume jewelry retailers and a constant flow of pedestrian traffic, made it a prized acquisition for the buyer, Boris Aranov of Aranov Jewelers.
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Sale Details
This prime Midtown West property sold for $7,200,000, equating to approximately $288 per square foot on 25,000 buildable square feet. The seller, Andreas Brown of Gotham Book Mart, decided to work with Bob Knakal after initially attempting to sell the property independently.
Highlights of the transaction include:
- Sale Price: $7,200,000
- Price per BSF: $288.00
- Buyer: Boris Aranov, Aranov Jewelers
- Seller: Andreas Brown, Gotham Book Mart
- Seller Type: Retailer
- Asset Class: Commercial, Development, Retail
- Sale Date: June 5, 2003
- Lot Size: 15' x 100'
- Stories: 5
Property Details
The property is located at 41 West 47th Street, New York, NY 10036, between Fifth and Sixth Avenues, in the heart of Midtown West’s Diamond District. This submarket is one of the most concentrated jewelry trade hubs in the world, attracting both wholesale and retail buyers daily.
Key investment highlights include:
- Year Built: Early 20th Century
- Stories: 5-story walk-up
- Lot Dimensions: 15 feet x 100 feet
- Total Rentable Area: 9,000 SF existing, 25,000 BSF potential
- Zoning: Suitable for commercial and retail development
Market Strategy and Positioning
The Midtown West commercial market in 2003 was experiencing sustained demand for properties with high pedestrian visibility and redevelopment potential. Bob Knakal leveraged the property’s unique location, historic significance, and zoning flexibility to target both end-users and developers. The strategy involved marketing to established jewelry businesses, international investors, and mixed-use developers to maximize competitive bidding.
Neighborhood Overview
Midtown West’s Jewelry District is world-renowned for its concentration of jewelry retailers, manufacturers, and wholesalers. The area spans just a single block of West 47th Street but generates billions in annual sales. Its appeal lies in its specialization, walkability, and constant stream of international buyers.
Nearby attractions include:
- Times Square – A global tourist destination just steps away, driving consistent foot traffic.
- Bryant Park – A vibrant green space offering seasonal events, outdoor dining, and cultural programming.
- Fifth Avenue Retail Corridor – Home to flagship luxury brands, attracting affluent shoppers from around the world.
Neighborhood appeal:
- Strong demand from both retail and development sectors.
- High-profile location within walking distance of major transit hubs.
- Resilient commercial ecosystem anchored by specialty trade.
Conclusion
The sale of 41 West 47th Street underscores Bob Knakal’s ability to navigate complex negotiations and achieve exceptional results for property owners. By combining strategic marketing with deep market insight, Bob secured an outcome that exceeded initial expectations, ensuring the property’s continued place in Midtown West’s vibrant commercial fabric.
Testimonial
“I initially thought selling my building would be easy. For years, everyone on the block would be calling me and telling me they wanted to purchase the property. I never realized how treacherous the commercial real estate market could be. After trying to sell by myself for several months, I decided I needed help and hired Bob Knakal to guide me through the sales process. I am so glad I did that. Bob helped me maneuver through these shark infested waters and led me to safety. The number of twists and turns that occurred were significant and Bob had an answer or strategic solution for every curveball that was thrown at us. I should have brought him on from the start. If you are considering the sale of a property in New York, you must call Bob. It will be the best move that you make.”
— Andreas Brown, Gotham Book Mart
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Frequently Asked Questions
Q1: What type of property is 41 West 47th Street?
41 West 47th Street is a five-story walk-up commercial building with 9,000 existing square feet and 25,000 buildable square feet, located in the heart of Midtown West’s Jewelry District.
Q2: Why is the property significant in the market?
Its location within one of the world’s most concentrated jewelry trade areas makes it a highly desirable acquisition for both retailers and investors seeking visibility and foot traffic.
Q3: What was the sale price per buildable square foot?
The property sold for approximately $288 per buildable square foot, a strong figure for its location and market conditions at the time.
Q4: Who purchased the property?
The buyer was Boris Aranov of Aranov Jewelers, an established name in the Diamond District retail market.
Q5: What are the redevelopment possibilities for the site?
Given its zoning and lot dimensions, the site offers flexibility for expanded retail, mixed-use, or specialized commercial redevelopment.
Q6: How did Bob Knakal contribute to the successful sale?
Bob Knakal applied a targeted marketing approach, leveraging his knowledge of the Jewelry District and its buyers, while navigating complex negotiations to achieve a favorable sale price and terms for the seller.
