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Successful Sale of 245 West 55th Street in Midtown, Manhattan
Bob Knakal successfully closed the sale of 245 West 55th Street, a prime Midtown development site formerly operated as an office building. Located in Manhattan’s bustling Theater District, this 11-story asset is now poised for residential condominium conversion under the direction of Lou Madigan of Madigan Development.
The transaction highlights Bob’s strategic role in unlocking hidden value and repositioning properties that are ripe for transformation. Key features that made the asset attractive included its substantial buildable square footage, desirable location, and conversion potential.
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Sale Details
The property at 245 West 55th Street sold for $28,500,000 on June 6, 2023.
At $358.82 per buildable square foot, the pricing reflected strong interest in Midtown Manhattan redevelopment opportunities.
- Buyer: Lou Madigan, Madigan Development
- Seller: Linda Young, DuArt (Seller Type: Corporation)
- Asset Class: Development
- Property Type: Former Office Building, Set for Residential Condo Conversion
- Sale Date: June 6, 2023
Transaction Highlights:
- 11-story commercial structure ready for conversion
- 6,025 SF lot with a buildable SF of 79,428
- Strategically located in the heart of Manhattan's Theater District
- Attractive price per buildable SF for central Midtown
Property Details
Situated between Broadway and Eighth Avenue, 245 West 55th Street sits on a prime block in Midtown’s vibrant Theater District. The building offers easy access to major subway lines, Times Square, and Central Park.
- Full Address: 245 West 55th Street, New York, NY 10019
- Submarket: Midtown / Theater District
- Zoning: Commercial/Mixed-Use (suitable for residential conversion)
Key Investment Highlights:
- Year Built: Originally constructed prior to 2023 (conversion planned)
- Stories: 11 floors
- Lot Size: 6,025 square feet
- Buildable Square Footage (BSF): 79,428 SF
- Conversion Potential: Former office building approved for residential condominiums
Market Strategy and Positioning
Midtown Manhattan continues to attract developers looking to repurpose older office buildings into high-end residential assets. With office demand evolving post-pandemic, Bob Knakal identified the property’s conversion potential and targeted buyers specializing in repositioning.
Bob’s strategy focused on leveraging the location’s proximity to Central Park and cultural institutions while highlighting the favorable buildable square footage. The deal capitalized on demand for boutique condo development sites in prime Manhattan corridors.
Neighborhood Overview
Midtown’s Theater District remains one of the most desirable and high-traffic zones in New York City, attracting both local residents and global visitors.
Notable Nearby Attractions & Amenities:
- Steps from Broadway theaters
- Near Carnegie Hall and Central Park
- Surrounded by upscale dining and hospitality offerings
- Close to major transit hubs including Columbus Circle and Times Square
Neighborhood Highlights:
- Bustling foot traffic and 24/7 activity
- High demand for residential conversions
- Strong rental and condo sales market
- Prime location for end-users and investors alike
Conclusion
The sale of 245 West 55th Street underscores Bob Knakal’s unmatched ability to reposition underutilized office assets for modern-day demand. His market knowledge, strategic positioning, and network of qualified buyers helped maximize value for the seller and ensure a seamless transaction.
This Midtown sale reflects both the area's enduring appeal and the importance of expert brokerage in navigating today’s dynamic real estate landscape.
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Frequently Asked Questions
Q1: What type of property is 245 West 55th Street?
It is an 11-story former office building that is being converted into residential condominiums.
Q2: Why was this property appealing to developers?
Its central Midtown location, substantial buildable square footage, and zoning made it ideal for condo redevelopment.
Q3: What is the lot size and buildable square footage of the property?
The lot measures 6,025 square feet with 79,428 buildable square feet.
