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Successful Sale of 528-530 Ninth Avenue in Midtown West, Manhattan
Bob Knakal successfully closed the sale of 528-530 Ninth Avenue, a pair of adjacent mixed-use, walk-up buildings in the heart of Midtown West, Manhattan. The properties, located near the bustling intersections of Ninth Avenue and 39th Street, were acquired by Eiichiro Kobayashi of Sanhei Holdings LLC on November 9, 2004.
Positioned just blocks from Hudson Yards and Penn Station, these low-rise assets offered a rare value-add opportunity in a submarket known for dramatic redevelopment and increasing demand. The 13-unit configuration appealed to investors seeking both residential and retail upside in one of Manhattan’s fastest-evolving neighborhoods.
Walk-Up Building Sales - For the complete list click here Walk Up Buildings
Sale Details
The two-building portfolio sold for $3,450,000, with a combined square footage of 6,668, resulting in a price per square foot of $517.40. The buyers, represented by Eiichiro Kobayashi and Sanhei Holdings LLC, saw the long-term potential of owning income-producing assets at the doorstep of Midtown’s westward expansion. The sellers were Friends Realty Associates LLC and D. Grossman.
Transaction Summary:
- Sale Price: $3,450,000
- Buyer: Eiichiro Kobayashi, Sanhei Holdings LLC
- Seller: Friends Realty Associates LLC, D. Grossman
- Asset Class: Mixed-Use, Multifamily – Walk-Up
- Units: 13 Residential and Commercial Units
- Date Closed: November 9, 2004
- Buildings: 2 Adjoining Structures
Property Details
Located on Ninth Avenue between 39th and 40th Streets, 528-530 Ninth Avenue spans two tax lots and two buildings in one of Midtown West’s most energetic and visible corridors. The properties were surrounded by restaurants, theaters, transit hubs, and rising high-rise developments at the time of sale.
Full Address: 528-530 Ninth Avenue, New York, NY 10018
Block: 763 | Lots: 3 & 4
Zoning: Mixed-Use Commercial and Residential (C6 Zoning likely)
Neighborhood: Midtown West, Manhattan
Investment Highlights:
- Buildings: 2 mixed-use walk-up buildings
- Square Footage: 6,668 total SF
- Units: 13 total residential/commercial units
- Price per SF: $517.40
- Attractive location near Penn Station, Port Authority, and Hudson Yards
Market Strategy and Positioning
In the early 2000s, Midtown West was in the early phases of a significant transformation driven by Hudson Yards rezoning, increased public and private investment, and a strong influx of office-to-residential conversions. The 528-530 Ninth Avenue properties were well positioned to benefit from this surge, offering a value-based price per square foot and long-term upside in both the residential and commercial segments.
Bob Knakal’s strategy focused on identifying user-investors and buyers with a long-term hold horizon. By targeting investors like Sanhei Holdings LLC, Bob was able to close a deal at an above-market price per square foot for walk-up product at the time.
Neighborhood Overview
Midtown West has grown into one of Manhattan’s most dynamic districts, bolstered by massive investments in infrastructure and residential development. Ninth Avenue offers daily visibility and foot traffic, making mixed-use properties along this corridor especially attractive.
Neighborhood Highlights:
- Steps from Hudson Yards, the largest private development in U.S. history
- Close to Port Authority Bus Terminal and Penn Station
- Surrounded by restaurants, bars, and theaters in the Hell’s Kitchen area
- Excellent connectivity via A/C/E and 1/2/3 subway lines
Conclusion
The $3.45 million sale of 528-530 Ninth Avenue illustrates the continued demand for mixed-use assets in Manhattan’s Midtown West. With 13 units across two buildings and close proximity to key transit and development zones, the property represents a textbook example of strategic real estate investment in a transforming neighborhood.
Bob Knakal’s hands-on market knowledge and positioning expertise ensured a smooth transaction for both buyer and seller, reinforcing his firm’s reputation for unlocking value in Manhattan’s most competitive submarkets.
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Frequently Asked Questions
Q1: How many buildings and units were involved in the sale of 528-530 Ninth Avenue?
The sale included two adjacent mixed-use walk-up buildings totaling 13 units.
Q2: What made this Midtown West property an attractive investment?
Its location near Hudson Yards, high foot traffic on Ninth Avenue, and mixed-use flexibility made it highly desirable for long-term investors.
Q3: What was the price per square foot at the time of sale?
The buildings sold at $517.40 per square foot based on a total of 6,668 SF.
