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Successful Sale of 248 East 58th Street in Midtown East, Manhattan
Bob Knakal and his team successfully closed the sale of 248 East 58th Street, a mixed-use property located in the heart of Midtown East, Manhattan. This 3,600-square-foot building offered eight units, combining both retail and residential opportunities. Its location on East 58th Street, just steps from major retail corridors and cultural landmarks, made it a highly attractive user property for its new owner.
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Sale Details
This transaction reflects the strength of Midtown East’s real estate market during the 1990s and the continued demand for well-located mixed-use assets.
- Sale Price: $750,000
- Price per SF/BSF: $208.33
- Buyer: Seward Chu (Retailer)
- Seller: A. Shapolsky
- Seller Type: Private Seller
- Sale Date: November 7, 1994
- Asset Class: Mixed-Use, User
Highlights:
- Prime mixed-use property with ground-floor retail and residential above
- Attractive price point in one of Manhattan’s busiest neighborhoods
- Eight-unit building with user appeal
Property Details
The property at 248 East 58th Street, New York, NY 10022, sits within Manhattan’s sought-after Midtown East submarket. Known for its blend of residential, retail, and office demand, the area provides excellent connectivity and high pedestrian traffic.
Key Investment Highlights:
- Total Size: 3,600 SF across multiple stories
- Units: 8 total (retail + residential)
- Property Type: Mixed-use with user appeal
- Building Characteristic: Street-level retail with income-producing residential units above
Market Strategy and Positioning
Midtown East has long been considered one of Manhattan’s strongest user and retail submarkets, balancing both neighborhood demand and international foot traffic. Properties like 248 East 58th Street attract both investors and end-users due to their scale, price point, and location. This sale fit directly into a broader trend of owner-users securing long-term real estate footholds in high-density areas.
Neighborhood Overview
Midtown East is one of Manhattan’s most dynamic and prestigious neighborhoods, home to a blend of corporate headquarters, luxury residential buildings, and bustling retail corridors.
- Shopping & Lifestyle: Just steps away from Bloomingdale’s and the luxury boutiques along Madison Avenue.
- Connectivity: Close to the Lexington Avenue subway lines and easy access to the Queensboro Bridge.
- Corporate Presence: A hub for major office towers and international business.
- Residential Appeal: Mix of pre-war buildings, luxury rentals, and condominiums creating a lively 24/7 neighborhood.
Vibrant and Accessible: Midtown East offers a balance of convenience, culture, and commerce, making it one of the most desirable submarkets in New York City.
Conclusion
The sale of 248 East 58th Street underscores the value of well-located mixed-use properties in Midtown East. With eight units, a strong retail component, and prime positioning along East 58th Street, this property provided an excellent opportunity for its new owner. Bob Knakal and Mark Massey’s market expertise and relationship-driven approach were critical in delivering a successful outcome for the seller.
Testimonial
“Our family has enjoyed a long and mutually beneficial relationship with Bob and Mark over the years and we have closed several successful deals together. They are great brokers who will always deliver the goods.”
– Ed Alessandro
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Frequently Asked Questions
Q1: What type of property is 248 East 58th Street?
It is a mixed-use user property featuring ground-floor retail and residential units above, offering both income generation and user occupancy potential.
Q2: How large is the building?
The property contains approximately 3,600 square feet across multiple stories, divided into eight units.
Q3: What was the final sale price of the building?
The property sold for $750,000, equating to $208.33 per square foot.
