Successful Sale of 68–74 East 55th Street in Midtown East, Manhattan
Bob Knakal successfully arranged the sale of 68, 70, 72, and 74 East 55th Street—an assemblage of four properties in the heart of Midtown East, Manhattan. Spanning a total of 90,000 buildable square feet, the development site represented a rare opportunity in one of Manhattan’s most consistently active commercial corridors.
The transaction closed for $16,250,000, marking a major win for the group of sellers. With the surrounding area undergoing rapid transformation and a buyer already assembling neighboring parcels, timing was critical. Bob and his team ensured that the sellers capitalized on market momentum, resulting in a highly favorable sale.
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Sale Details
The assemblage at 68–74 East 55th Street offered over 90,000 buildable square feet across four lots. The team’s understanding of market demand, zoning, and ongoing assemblage efforts nearby played a key role in maximizing the outcome.
Sale Price: $16,250,000
Asset Class: Development Site
Sale Date: April 29, 1995
Buyer: Howard Ronson
Seller: Multiple Sellers (including Milt Surrey)
Total Buildable SF: 90,000
Price per Buildable SF: $180.56
Property Type: Assemblage / Development Site
Buildings on Site: 4 lots, 3 buildings
Property Details
This rare Midtown East assemblage included 68, 70, 72, and 74 East 55th Street, spanning block 1290 with lots 37 and 44. The site offered the opportunity to develop a significant mixed-use or commercial project, benefiting from Midtown zoning allowances and high demand for new Class A space.
With multiple sellers involved and a time-sensitive buyer motivated to complete the block-long assemblage, Bob Knakal’s experience in high-stakes, multi-party negotiations was instrumental.
Full Address: 68–74 East 55th Street, New York, NY 10022
Zoning: Development / Commercial
Total Buildable Square Feet: 90,000
Buildings on Site: Three
Stories: Varies
Lot Size: Multiple (exact dimensions undisclosed)
The Client: A Group of Sellers Seeking Strategic Representation
When approached by an active buyer consolidating the block, the sellers—each with different priorities—turned to Bob Knakal for guidance. One of the property owners, Milt Surrey of Surrey Gallery, recognized the complexity of the situation and the need for experienced representation. With careful coordination, Bob and his team ensured each party’s interests were protected while delivering a unified negotiating front.
The initial offer was not in alignment with the sellers’ expectations. However, leveraging knowledge of recent assemblage activity, Bob’s team identified market leverage and drove the final offer to $16.25 million with clear, favorable terms.
Market Strategy and Execution
Bob’s strategy included:
- Pinpointing the buyer’s urgency to complete the assemblage.
- Aligning all sellers with a shared market valuation and strategy.
- Using transaction timing as leverage to achieve maximum pricing.
- Facilitating smooth coordination among multiple property owners.
This thoughtful and aggressive approach enabled the sellers to take advantage of the buyer’s motivation and the market’s appetite for prime Midtown East development sites.
Neighborhood Overview
Midtown East is one of New York City's most established commercial districts, home to corporate headquarters, luxury hotels, and high-end residential buildings.
- Steps from Park Avenue, Madison Avenue, and Lexington Avenue.
- Near world-renowned landmarks like the Seagram Building and Lever House.
- Consistent demand for high-density development opportunities.
- Strong zoning flexibility for office, hospitality, and residential projects.
Conclusion
The successful sale of 68–74 East 55th Street underscores Bob Knakal’s expertise in navigating complex assemblages and guiding sellers through multi-party transactions. With a strategic, market-driven approach, Bob and his team helped a group of independent property owners unlock the full value of their real estate, delivering a superior outcome in a competitive environment.
Testimonial
“We knew there was an assemblage going on and we needed someone in our corner. Bob Knakal and his team saved us. Thank you, guys, for all your hard work on our behalf. You guys are the best.”
— Milt Surrey, Surrey Gallery
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Frequently Asked Questions
1. What was the total buildable square footage for the site at 68–74 East 55th Street?
The site offered approximately 90,000 buildable square feet, making it a valuable development opportunity in the Midtown East corridor.
2. How many buildings were included in the assemblage?
The sale included three existing buildings across four tax lots, strategically located to form a cohesive development footprint.
3. Why was this site appealing to the buyer?
The buyer was assembling parcels on the block, and this site filled a critical gap. Its location in Midtown East, zoning potential, and size made it ideal for a large-scale commercial or mixed-use development.
