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Successful Sale of 353 West 46th Street in Midtown West, Manhattan
Bob Knakal successfully arranged the first-time sale of 353 West 46th Street, a user-oriented office property located in the heart of Midtown West, Manhattan. The building offered a rare opportunity for an end-user in one of the most dynamic districts in the city, home to New York’s famed Theater District.
This three-unit property stood out for its adaptable layout and prime location just steps from bustling restaurants, theaters, and business hubs.
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Sale Details
The sale of 353 West 46th Street closed on November 7, 1991, at a price of $800,000, equating to $286.53 per square foot based on the 2,792 buildable square feet.
- Sale Price: $800,000
- Buyer: American Chess Foundation
- Seller: Edward Libonati
- Seller Type: Private owner
- Asset Class: Office, User
- Units: 3
- Sale Date: November 7, 1991
The building attracted attention for its compact yet functional footprint, making it ideal for a user buyer who valued location and accessibility over sheer size.
Property Details
The property at 353 West 46th Street, New York, NY 10036, sits on West 46th Street between Eighth and Ninth Avenues, placing it in the center of the Midtown West submarket. This location is renowned for its cultural vibrancy, heavy pedestrian traffic, and proximity to transportation hubs.
Investment Highlights:
- Square Footage: 2,792 SF
- Units: 3
- Building Type: Office/User
- Lot: Block 1037, Lot 109
With its adaptable space and sought-after Theater District location, the building offered the American Chess Foundation a highly strategic and visible Manhattan presence.
Market Strategy and Positioning
At the time of sale, Midtown West was rapidly evolving into one of Manhattan’s most dynamic submarkets. The area offered steady demand from both institutional and user buyers seeking small-scale office and community-use spaces.
Bob Knakal positioned the building as a rare user opportunity in a market dominated by larger office transactions. The strategy highlighted its value for organizations that required a tailored presence in Midtown Manhattan, ultimately aligning perfectly with the American Chess Foundation’s needs.
Neighborhood Overview
Midtown West, particularly the Theater District, is one of New York City’s most vibrant neighborhoods. Its unique mix of culture, business, and residential appeal makes it a highly coveted destination for both users and investors.
Key Neighborhood Highlights:
- Broadway Theaters: Just steps from iconic Broadway stages, making it a cultural landmark district.
- Restaurant Row: Located along West 46th Street, the building is surrounded by some of Manhattan’s most famous dining destinations.
- Transportation Access: Easy connectivity to the A, C, E, N, Q, R, 1, 2, 3, and 7 subway lines, along with Port Authority nearby.
- Cultural Energy: A hub for entertainment, business, and hospitality that attracts millions of visitors each year.
The property’s location on Restaurant Row placed it at the heart of a thriving neighborhood, offering strong visibility and long-term positioning for a user-focused buyer.
Conclusion
The sale of 353 West 46th Street highlights the continued demand for user-oriented office properties in Midtown West. With its prime Theater District location, compact size, and adaptability, it was the perfect fit for the American Chess Foundation.
Bob Knakal’s expertise and strategic marketing approach ensured the property found the ideal buyer, maximizing value for seller Edward Libonati and delivering a seamless transaction.
Testimonial
"Bob Knakal and his entire team did a great job representing me in the sale of my building on 46th Street. We found the perfect user buyer! Thanks guys!!"
— Edward Libonati, Seller
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Frequently Asked Questions
Q1: What type of property is 353 West 46th Street?
353 West 46th Street is a three-unit office and user property in Midtown West, offering 2,792 square feet of adaptable space ideal for organizations seeking a central Manhattan location.
Q2: Why is the property’s location significant?
Situated in the Theater District on Restaurant Row, the building benefits from high foot traffic, cultural prominence, and excellent access to Midtown’s transit network.
Q3: What makes this property appealing to user buyers?
The building’s manageable size, three units, and central location make it ideal for organizations seeking a highly visible Manhattan presence without the overhead of a large office tower.
