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Successful Sale of 154 East 55th Street in Midtown East, Manhattan
Bob Knakal successfully closed the sale of 154 East 55th Street, a user-occupied commercial property situated in the heart of Midtown East. The building sold for $3,300,000, translating to $307.12 per square foot across 10,745 square feet.
The property had been held by a longtime private owner before being acquired by the United Bank of Kuwait, which was seeking a strategic Manhattan location for its own use. The deal highlights Bob Knakal’s ability to position user buildings effectively in a highly competitive commercial market.
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Sale Details
This commercial transaction involved a single-tenant building in a highly visible location between Third and Lexington Avenues. The buyer, an international banking institution, saw unique long-term value in the structure and its proximity to transit and major business corridors.
Sale Price: $3,300,000
Sale Date: February 3, 1999
Asset Class: Commercial / User
Square Footage: 10,745
Price per SF: $307.12
Property Type: Commercial Building
Borough: Manhattan
Neighborhood: Midtown East
Property Overview
154 East 55th Street is a commercial building well-suited for institutional or corporate use. Its Midtown East location made it a rare opportunity for a user-buyer seeking long-term stability and prime Manhattan presence.
Key features included:
- Full-building occupancy potential
- Located between Third and Lexington Avenues
- High visibility and ease of access
- A strong user profile: ideal for banking, professional services, or private offices
Strategic Approach
Bob Knakal’s approach centered on identifying the ideal buyer profile—a user with a long-term business need in Manhattan. By targeting institutions and professional service firms, Bob was able to generate meaningful interest in a niche product that would have otherwise remained under the radar of traditional investors.
Neighborhood Overview
Midtown East is a core Manhattan business hub, with:
- Close proximity to Grand Central Terminal
- Access to major subway lines and bus routes
- Home to corporate headquarters and embassies
- High demand for owner-occupied buildings
- A blend of commercial, office, and user-driven transactions
Conclusion
The sale of 154 East 55th Street illustrates Bob Knakal’s nuanced understanding of the Midtown East market and his ability to match a user asset with the right buyer. His targeted strategy resulted in a successful outcome for the seller and long-term value for the end-user buyer.
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