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Successful Sale of 384 Fifth Avenue, a Mixed-Use Office Property in NoMad
Bob Knakal successfully handled the sale of 384 Fifth Avenue, a substantial office and mixed-use property located in Manhattan’s thriving NoMad neighborhood. The transaction, which closed on June 23, 1992, achieved a sale price of $3,300,000 during a particularly challenging real estate market. The building was purchased by Timur on Fifth Avenue Inc., a corporate user, marking a strategic acquisition for the buyer and a notable success for the seller, James Gomez.
Despite market headwinds, Bob’s relentless drive and commitment to his client resulted in a favorable deal for a property that demanded both skillful positioning and hands-on brokerage expertise.
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Sale Details
The NoMad property presented an opportunity for a user-buyer to acquire a significant office presence along one of Manhattan’s most iconic corridors. Bob’s tailored strategy and unflagging effort ensured the right buyer was identified and the sale was brought to a successful close.
Key Sale Highlights:
- Sale Price: $3,300,000
- Sale Date: June 23, 1992
- Property Address: 384 Fifth Avenue, New York, NY 10018
- Asset Class: Mixed-Use, Office, User
- Building Size: 22,400 SF
- Price per SF: $147.32
- Buyer Type: Corporate User
- Buyer: Timur on Fifth Avenue Inc.
Bob Knakal’s ability to stay focused and solution-oriented in the face of a difficult market helped unlock the true value of the property. His determination played a pivotal role in converting interest into a closed transaction.
Property Details
Located on Fifth Avenue in NoMad, 384 Fifth Avenue is a sizable, mixed-use office building with 22,400 square feet across multiple stories. Its location offers excellent visibility and access to Midtown, while the scale of the property made it ideal for an end-user looking to secure a long-term operational base in Manhattan.
The building’s flexible use, combined with the prestige of a Fifth Avenue address, made it an attractive prospect for users seeking functionality and stature in one of the city’s most desirable business districts.
The Client: Focused on Results in a Challenging Market
James Gomez, the property’s longtime owner, faced the difficult task of selling a sizable commercial building during a down market. He needed a broker who wouldn’t back down from a challenge. With Bob Knakal on his side, James found exactly that — a tenacious advocate who understood how to navigate volatility and deliver results through commitment and persistence.
Market Strategy and Execution
With market conditions adding pressure to the timeline and pricing expectations, Bob Knakal zeroed in on user-buyers who could appreciate the long-term benefits of owning a Fifth Avenue property. His strategy included:
- Emphasizing the building’s size and office potential
- Targeting users who could benefit from full or partial occupancy
- Highlighting the long-term value of owning in a prime corridor
This focused approach helped ensure the right match, rather than waiting for speculative interest that might not materialize in a slow market.
Neighborhood Overview
NoMad (North of Madison Square Park) is one of Manhattan’s most centrally located and historically rich districts, known for its blend of residential, commercial, and creative spaces. Key characteristics include:
- Proximity to Madison Square Park, offering a blend of nature and urban vibrancy
- Major transit accessibility, with Penn Station and multiple subway lines nearby
- Architectural charm, with classic buildings and modern renovations coexisting
- Strong office and hospitality demand, driven by hotels, startups, and creative firms
- Rapid transformation into a live-work-play destination, ideal for mixed-use buildings
Conclusion
The sale of 384 Fifth Avenue stands as a testament to Bob Knakal’s relentless drive and market expertise. His ability to perform under pressure and deliver results in a tough climate helped secure a strong deal for James Gomez, validating the importance of experience and tenacity in commercial real estate brokerage.
Testimonial
“Bob Knakal is a tenacious broker who works around the clock and never stops until the job is done. He and his team did a great job for me here in a very difficult market.”
— James Gomez
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