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Successful Sale of 360-362 Broadway in TriBeCa, Manhattan
Bob Knakal successfully arranged the sale of 360-362 Broadway, a mixed-use conversion opportunity in TriBeCa, Manhattan, for $23,000,000. The property, formerly owned by Raymond Gindi of Century 21 Stores, was sold to John T. Economou for residential redevelopment. Located along one of Manhattan’s most distinguished corridors, the building was previously used for office purposes and was repositioned for luxury residential use post-sale.
Knakal’s advisory role ensured that the seller—a prominent high-net-worth retail executive—received optimal value for this architecturally distinct building in one of New York City's most competitive residential markets.
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Sale Details
The transaction closed on May 23, 2013, with the final price reaching $23,000,000, translating to approximately $730.16 per square foot.
- Buyer: John T. Economou
- Seller: Raymond Gindi (Century 21 Stores)
- Asset Class: Mixed-Use, Office-to-Residential Conversion
- Total BSF: 31,500 SF
- Units: 9 Residential Units
Highlights:
- Full building conversion from office to residential
- Boutique-scale redevelopment in the heart of TriBeCa
- High price per square foot reflecting luxury potential
- Strong interest from user-buyers and high-end developers
Property Details
Situated along Broadway between Franklin and White Streets, 360-362 Broadway lies in the TriBeCa Historic District, a landmarked area known for its preserved architecture and cultural cachet. The property consists of a single building on Block 171, Lot 7, with significant floor area suitable for a full residential conversion.
- Address: 360-362 Broadway, New York, NY
- Borough: Manhattan
- Neighborhood: TriBeCa
- Total Buildable Square Footage: 31,500
- Residential Units Post-Conversion: 9
- Zoning: [Presumed Residential/Commercial with Landmarked Status]
Investment Highlights:
- Formerly configured as office space
- Prime location within the TriBeCa Historic District
- Strong floorplates ideal for large, luxury residences
- Rare opportunity for full-building residential use
Market Strategy and Positioning
At the time of sale in 2013, TriBeCa was firmly established as one of the most desirable residential enclaves in Manhattan, with demand for large-format, luxury condo units outpacing supply. Bob Knakal’s marketing campaign focused on the building’s historic façade, flexible floorplans, and the potential to create premium residential product in an area known for commanding some of the highest price points in the city.
By targeting boutique developers and high-net-worth individuals seeking unique residential conversion assets, Bob secured a deal that maximized the building’s underutilized value as an office structure.
Neighborhood Overview
TriBeCa is renowned for its cobblestone streets, historic loft buildings, and reputation as one of New York City’s most exclusive neighborhoods. It continues to attract high-profile residents, creative professionals, and international investors.
Nearby attractions and features:
- Proximity to Hudson River Park and Pier 25
- Walking distance to SoHo, Chinatown, and City Hall
- Surrounded by renowned restaurants like Bubby’s and Nobu
- Easy access to multiple subway lines (1/2/3, A/C/E, N/Q/R)
Conclusion
The sale of 360-362 Broadway underscores the strength of the TriBeCa market and Bob Knakal’s expertise in facilitating complex, high-value conversions. By positioning the asset as a one-of-a-kind residential redevelopment opportunity, Knakal helped unlock its full potential and delivered a successful outcome for a prominent retail family.
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Frequently Asked Questions
Q1: What is the current use of 360-362 Broadway?
The property was sold for conversion from office to high-end residential, resulting in 9 luxury units.
Q2: Why was this building a strong candidate for conversion?
Its location in TriBeCa, generous floor plates, and pre-war architecture made it ideal for full-floor residences in a landmarked neighborhood.
Q3: Who facilitated the sale?
The sale was brokered by Bob Knakal, who represented the seller, a high-net-worth retail executive affiliated with Century 21 Stores.
