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Successful Sale of 256 Fifth Avenue in NoMad, Manhattan
Bob Knakal and his team successfully facilitated the sale of 256 Fifth Avenue, a 12,899-square-foot office building in NoMad, Manhattan. The transaction, which closed on September 27, 2010, marked a key moment for the seller, as the property attracted strong interest due to its prime location along Fifth Avenue.
The property was sold for $6,500,000, reflecting a price of approximately $503.92 per square foot. The sale demonstrated the continued demand for boutique office spaces in NoMad, an area known for its historic architecture, upscale hospitality, and proximity to key commercial hubs.
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Sale Details
Bob Knakal and his team positioned the property to attract both end-users and investors, ensuring competitive offers.
- Sale Price: $6,500,000
- Property Type: Office
- Sale Date: September 27, 2010
- Location: 256 Fifth Avenue, Manhattan
- Building Size: 12,899 SF
- Price per SF: $503.92
Property Details
Located in the heart of NoMad, 256 Fifth Avenue is a boutique office building that benefits from its prime position along one of Manhattan’s most prestigious corridors. The building’s size, layout, and proximity to major transit hubs made it an attractive investment for office users looking for a presence in a high-demand district.
- Full Address: 256 Fifth Avenue, New York, NY
- Asset Class: Office
- Stories: Not specified
- Building Size: 12,899 SF
- Block & Lot: Block 830, Lot 41
Market Strategy and Leverage
Bob Knakal and his team executed a tailored marketing approach to maximize interest in the property. The strategy focused on:
- Targeting office users and investors seeking boutique office spaces.
- Leveraging Fifth Avenue’s strong commercial appeal to create competitive interest.
- Engaging potential buyers familiar with NoMad’s rising popularity in the office sector.
This approach resulted in a competitive bidding environment, allowing the seller to achieve favorable terms.
Neighborhood Overview
NoMad has established itself as one of Manhattan’s most sought-after commercial and lifestyle destinations, with key advantages such as:
- Prime Location: Centrally positioned between Midtown and Downtown.
- Transportation Access: Close proximity to major subway lines, including the 6, N, and R trains.
- Historic & Modern Appeal: A mix of prewar architecture and contemporary developments.
- Business & Hospitality Hub: Home to high-end hotels, luxury residences, and a growing number of tech and creative firms.
The sale of 256 Fifth Avenue highlights the continued demand for well-located office properties in NoMad, where historic buildings remain highly desirable among both investors and end-users.
Conclusion
The successful sale of 256 Fifth Avenue is a testament to Bob Knakal’s market expertise and strategic approach. By leveraging the building’s Fifth Avenue location and NoMad’s appeal, his team secured a strong outcome for the seller, demonstrating the ongoing strength of Manhattan’s office market.
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