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Successful Sale of 301 East 61st Street in Midtown East, Manhattan
Bob Knakal and his team successfully arranged the sale of 301 East 61st Street, a development site in Midtown East with over 45,800 buildable square feet. The transaction closed for $15,400,000 on March 22, 2012. The site was owned by BRT Realty and sold to Chance Gordy.
This deal marked another milestone in Bob Knakal’s long-standing relationship with the seller. The property’s prime location and significant development potential attracted strong market interest, and Bob’s insight into market conditions and buyer behavior helped secure the optimal deal.
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Sale Details
This development site presented a rare opportunity in one of Manhattan’s most sought-after locations. The final sale price of $15.4 million reflects the high demand for developable parcels with strong zoning and sizable building potential.
Sale Price: $15,400,000
Buyer: Chance Gordy
Seller: Jeff Gould, BRT Realty
Property Type: Development Site
Sale Date: March 22, 2012
Zoning: Development
Buildable SF: 45,812
Price per Buildable SF: $336.16
Borough: Manhattan
Neighborhood: Midtown East
Address: 301 East 61st Street, New York, NY 10065
Property Details
301 East 61st Street consisted of two buildings located on one tax lot, offering a combined buildable square footage of 45,812. The property was positioned in a highly walkable and transit-accessible area, ideal for residential or mixed-use development. Its location, just off Second Avenue, added further appeal, especially given the neighborhood’s residential density and ongoing development growth.
Market Strategy and Positioning
To create demand and leverage competitive pressure, Bob and his team marketed the property broadly across their investor network, focusing on:
- Developers interested in Upper East Side and Midtown East infill projects
- Builders targeting areas with strong residential absorption
- Investors seeking future condo or rental development opportunities
This outreach resulted in strong buyer interest, giving the seller options and driving the final price.
Neighborhood Overview: Midtown East
- Close proximity to Second Avenue and multiple subway lines
- Surrounded by a mix of residential towers and boutique developments
- Strong demand for new construction in the area
- Continued growth from the Second Avenue Subway expansion
- Close to Bloomingdale’s, restaurants, and major institutions
Conclusion
The sale of 301 East 61st Street highlights the importance of experience, market knowledge, and client relationships in achieving superior outcomes. Bob Knakal’s deep understanding of Midtown East’s development market and his ability to create competition among buyers led to a highly successful transaction for BRT Realty.
Testimonial
“We have enjoyed a long and mutually successful relationship with Bob Knakal and his team. He did a great job for us on Second Avenue.”
– Mark Lundy, BRT Realty Trust
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Frequently Asked Questions
Q1: What is the development potential of 301 East 61st Street?
The site offers 45,812 buildable square feet, making it suitable for a range of development options, including residential or mixed-use projects.
Q2: What made 301 East 61st Street attractive to buyers?
Its location just off Second Avenue in Midtown East, combined with strong zoning and walkability, made it highly attractive to developers seeking opportunities in core Manhattan.
Q3: Was the property part of a portfolio or a single asset sale?
The sale involved two buildings on a single tax lot, marketed and sold as a standalone development opportunity.
