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Successful Sale of 272–274 Canal Street in Chinatown, Manhattan
Bob Knakal and his team successfully arranged the sale of 272–274 Canal Street, a four-story development site situated in the heart of Chinatown, Manhattan. The transaction, which closed on March 6, 2018, marked a key transfer in one of the most trafficked and culturally vibrant corridors of New York City.
Representing the seller, a longtime retail property owner, Bob Knakal leveraged his strategic market insight and deep neighborhood knowledge to secure favorable terms for the site’s disposition.
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Sale Details
The property was sold for $8,700,000, translating to approximately $971.52 per buildable square foot—a strong price for the Chinatown submarket at the time.
- Sale Date: March 6, 2018
- Sale Price: $8,700,000
- Buyer: Thai Summit America Corp.
- Seller: Al Gindi, Century 21
- Seller Type: Retailer
- Asset Class: Development
- Stories: 4
- BSF: 8,955
- Lot Size: 1,791 SF
The seller had long held the property and was approached with several unsolicited offers before engaging Bob Knakal to assess the best strategy for a competitive outcome.
Property Details
Located along the south side of Canal Street between Lafayette and Centre Streets, 272–274 Canal Street stands at the crossroads of Chinatown and Tribeca, offering unmatched foot traffic and high retail visibility.
- Address: 272–274 Canal Street, New York, NY 10013
- Block/Lot: 196 / 11
- Zoning: Mixed-use development potential (subject to zoning and FAR)
- Year Built: Existing 4-story structure
- Lot Dimensions: Approx. 25 feet wide by 71.64 feet deep
- Buildable SF: Approx. 8,955
- Building Frontage: Strong visibility on bustling Canal Street
Investment Highlights:
- Strong location near major transportation hubs and shopping destinations
- Excellent frontage and foot traffic along Canal Street
- Opportunity for vertical expansion or full redevelopment
- Rare ownership transition in a tightly held corridor
Market Strategy and Positioning
272–274 Canal Street presented a unique opportunity to capitalize on the increasing demand for well-located development sites in Manhattan. With Chinatown’s continued evolution as a hybrid of historic cultural identity and growing commercial potential, Bob Knakal’s strategy was to position the asset as both a redevelopment play and a long-term hold with upside.
The property garnered attention from both user-buyers and developers due to its prominent location and zoning flexibility. Strategic outreach included reaching out to local and overseas investors with ties to the neighborhood.
Neighborhood Overview
Chinatown remains one of Manhattan’s most vibrant and culturally rich neighborhoods, bridging historic charm with ever-growing commercial potential. Its proximity to major Downtown submarkets—including SoHo, Tribeca, and the Civic Center—makes it an increasingly desirable target for real estate investment.
Key Neighborhood Highlights:
- High foot traffic: Thousands of pedestrians daily along Canal Street
- Cultural significance: One of the oldest and largest Chinese communities in the U.S.
- Nearby attractions: Museum of Chinese in America, Columbus Park, and Canal Street Market
- Transit connectivity: Close to N, Q, R, 6, J, and Z subway lines
Canal Street itself acts as a vital commercial artery, offering some of the highest visibility retail corridors in Manhattan. The neighborhood has seen increasing interest from hospitality, retail, and mixed-use developers aiming to serve both local communities and tourists.
Conclusion
The sale of 272–274 Canal Street represents a landmark transaction in the ongoing transformation of Chinatown. Bob Knakal’s expertise, data-driven marketing strategy, and deep neighborhood ties helped deliver a result that exceeded expectations for the seller.
Bob Knakal continues to lead the market in the sale of mixed-use and development assets across New York City, offering clients unmatched advisory through every stage of the process.
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Frequently Asked Questions
Q1: What type of property was sold at 113-117 West 24th Street?
This was a two-building development site totaling nearly 269,000 buildable square feet in Chelsea, Manhattan.
Q2: What is the Lam Group planning to do with the site?
The buyer intends to convert the site from office use to luxury residential condominiums.
Q3: Why was Chelsea a strategic location for this deal?
Chelsea offers a mix of culture, transit, and tech-driven demand, making it ideal for high-end residential or hospitality development.
Q4: Who was the seller and what kind of entity is it?
The seller was Extell Development, led by Gary Barnett—a well-known New York City developer.
Q5: What was the price per buildable square foot for this deal?
The property sold for approximately $250.93 per buildable square foot.
