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Successful Sale of 355-357 West 39th Street in Hudson Yards, Manhattan
Bob Knakal is proud to announce the successful sale of 355-357 West 39th Street, a development and mixed-use asset located in the heart of Hudson Yards, Manhattan. This transaction, led by Bob Knakal and his team, highlights the firm’s expertise in handling complex development site sales in one of the most dynamic submarkets in New York City.
The property drew considerable attention due to its sizable buildable square footage and strategic location just west of the booming Hudson Yards development. This sale represents another strong result for Bob, underscoring the value of tailored strategy and local market knowledge.
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Sale Details
The transaction closed on February 10, 2015, with a sale price of $7,400,000, translating to approximately $414.84 per buildable square foot across 17,838 buildable square feet. The seller, David Windmiller, was represented confidentially by the Bob’s team.
Highlights:
- Sale Price: $7,400,000
- Price per Buildable SF: $414.84
- Sale Date: February 10, 2015
- Seller: David Windmiller
- Buyer: Confidential
- Asset Type: Mixed-Use, Development
- Location: Hudson Yards, Manhattan
Property Details
Situated on the south side of West 39th Street between Eighth and Ninth Avenues, 355-357 West 39th Street sits within the fast-evolving Hudson Yards submarket, adjacent to Midtown West. Known for its transformative projects and rapid growth, this corridor has become a target for developers looking to capitalize on increased demand for residential and mixed-use developments.
Full Address: 355-357 West 39th Street, New York, NY 10018
Key Investment Highlights:
- Buildable SF: 17,838
- Lot: 7501 on Block 763
- Buildings on Lot: 1
- Zoning: Ideal for mixed-use development
- Units: 10
Though the building has since been removed, the site previously housed a five-story structure, offering flexibility for developers to maximize zoning potential in a high-demand location.
Market Strategy and Positioning
The Hudson Yards and Midtown West markets have been undergoing dramatic transformation since the early 2010s, attracting billions in investment from major developers. This property offered an opportunity to acquire land with scale, just steps from high-density commercial towers and luxury residential developments.
Bob Knakal positioned the property as a strategic fill-in opportunity for investors looking to extend their footprint west of Penn Station. The team’s insight into zoning potential and knowledge of buyer demand resulted in a streamlined sale at market terms.
Neighborhood Overview
The Hudson Yards section of Midtown West has undergone a complete transformation over the last decade. Once dominated by industrial buildings and underused land, the area is now a world-class destination for business, luxury living, and dining.
- Major Developments Nearby: Hudson Yards complex, including The Vessel and The Edge.
- Cultural Institutions: The Shed and nearby Broadway theaters.
- Transit Access: Within walking distance of Penn Station, the Port Authority, and the 7 subway line extension.
- Retail Presence: Surrounded by flagship stores, high-end restaurants, and national retailers.
Bold Growth Corridor: Hudson Yards is now considered one of the largest private real estate developments in U.S. history, drawing billions in capital investment.
Unmatched Connectivity: Access to regional rail, subways, and bus routes makes this submarket ideal for mixed-use expansion.
Sustained Demand: Developers continue to seek opportunities in the few remaining buildable parcels within the area.
Urban Appeal: Close to tourist hotspots, business hubs, and luxury amenities, this site offered instant visibility and strong future demand.
Conclusion
The sale of 355-357 West 39th Street is another example of Bob Knakal’s ability to navigate the complexities of the Manhattan development market. With deep knowledge of zoning, buyer pools, and market timing, the team helped the seller achieve a favorable outcome in a fast-changing submarket.
This transaction reaffirms Bob’s position as a market leader in the sale of development sites throughout New York City.
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Frequently Asked Questions
Q1: What type of asset was sold at 355-357 West 39th Street?
The property was a mixed-use development site located in Hudson Yards, Manhattan, offering 17,838 buildable square feet.
Q2: What made this property attractive to developers?
Its proximity to major developments like Hudson Yards and Moynihan Station, along with its zoning potential and central location, made it ideal for mixed-use development.
Q3: How much did the property sell for?
The final sale price was $7,400,000, with a price per buildable square foot of approximately $414.84.
Q4: What is the significance of its location in Hudson Yards?
Hudson Yards is one of the most rapidly developing areas in Manhattan, known for large-scale commercial and residential projects, making it highly desirable for investment.
Q5: Was the buyer or seller disclosed in the transaction?
The seller, David Windmiller, was disclosed, while the buyer remains confidential.
Q6: How many units were previously on the lot?
There were 10 units within the structure that previously stood on the lot, which consisted of a five-story building.
