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Successful Sale of 11 East 22nd Street in Gramercy, Manhattan
Bob Knakal arranged the sale of 11 East 22nd Street, a boutique office property located in the Gramercy section of Manhattan. The property sold for $2,190,000 to Thacher & Associates. At approximately 15,392 square feet, this mid-block commercial asset traded at $142 per square foot, reflecting investor appetite for smaller-scale office opportunities in Midtown South’s emerging corridors.
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Sale Details
The sale of 11 East 22nd Street represented a key transaction in Gramercy’s growing office market, particularly in 1996 as demand for flexible office space in Midtown South began to take root.
Sale Price: $2,190,000
Price per Square Foot: $142.28
Buyer: Thacher & Associates
Seller: Midtown South Inc., George C. Roush
Asset Class: Office
Date Closed: July 11, 1996
Key Highlights:
- 15,392 SF office building
- Well-positioned midblock between Broadway and Park Avenue South
- Located in an emerging commercial area of Gramercy
Property Details
11 East 22nd Street is ideally located between Broadway and Park Avenue South, offering excellent proximity to both the Flatiron District and Union Square. Its compact size and prime location made it an attractive option for end users or boutique office investors.
Full Address: 11 East 22nd Street, New York, NY 10010
Block: 851
Lot: 12
Size: Approx. 15,392 SF
Zoning: Office use permitted (zoning details available upon request)
Investment Highlights:
- Located in the core of Midtown South’s office corridor
- Ideal for owner-occupiers, creative firms, or adaptive reuse
- Proximity to Madison Square Park and Union Square
- Strong long-term appreciation potential due to surrounding development
Market Strategy and Positioning
At the time of sale, Midtown South was just beginning to transition into a haven for creative and tech firms. With Flatiron and Gramercy becoming hotbeds for smaller tenants seeking loft-style space, 11 East 22nd Street stood out as a flexible asset with long-term upside.
Bob Knakal positioned the property as a rare, manageable office opportunity amid rising demand for office ownership in the 1990s. Its location just south of Madison Square Park gave it a strategic advantage, appealing to both users and investors.
Neighborhood Overview
Gramercy sits at the edge of Midtown South and has grown increasingly desirable due to its central location, proximity to parks, and diverse commercial and residential landscape.
Notable Neighborhood Features:
- Close to Madison Square Park and Union Square
- Walkable to the Flatiron District and NoMad
- Served by multiple subway lines (N/R/W, 6, L)
- Growing demand for boutique office and adaptive reuse properties
Conclusion
The $2.19 million sale of 11 East 22nd Street illustrates the strength of Manhattan’s boutique office market even in the late 1990s. Its location and scale made it an attractive opportunity in the growing Midtown South office landscape. Bob Knakal’s strategic positioning helped deliver a smooth transaction and successful outcome for both buyer and seller.
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Frequently Asked Questions
Q1: What type of asset is 11 East 22nd Street?
A1: It is a boutique office building located in the Gramercy neighborhood of Manhattan.
Q2: How large is the building?
A2: The property includes approximately 15,392 square feet of office space.
Q3: Why is the location attractive for office use?
A3: The building is situated between Broadway and Park Avenue South, near Madison Square Park and key transit lines, making it ideal for professional and creative tenants.
