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Successful Sale of 356-358 West 40th Street in Hudson Yards, Manhattan
Bob Knakal successfully closed the sale of 356-358 West 40th Street, a mid-block office building in what is now the Hudson Yards district of Midtown West. The building, totaling 11,100 square feet, was sold for $450,000, translating to $40.54 per square foot.
This transaction took place during the aftermath of the savings and loan crisis—a time when many institutions were looking to divest distressed or underperforming real estate. Despite the market conditions and relatively small deal size, Bob Knakal treated the assignment with the same intensity and focus as a flagship property, leading to a price that exceeded the seller’s expectations.
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Sale Details
At the time, Standard Chartered Bank had retained ownership of the asset following a market downturn. Believing most major brokerages wouldn’t prioritize a smaller transaction, the bank turned to Bob Knakal, who had built a reputation for his passionate, detail-oriented approach—regardless of deal size.
Sale Price: $450,000
Sale Date: April 6, 1995
Asset Class: Office
Square Footage: 11,100
Price per SF: $40.54
Property Type: Mid-Block Office Building
Borough: Manhattan
Neighborhood: Hudson Yards / Midtown West
Property Overview
356-358 West 40th Street is a compact office building located just steps from what would later become one of Manhattan’s most transformative developments—Hudson Yards. Though the area had not yet undergone large-scale redevelopment at the time of sale, the property offered:
- A central Midtown West location near Port Authority and major transit
- 11,100 square feet of flexible commercial space
- An opportunity for repositioning or long-term hold as the neighborhood evolved
Strategy and Execution
Bob Knakal’s strategy was simple yet effective:
- Treat the property as if it were a flagship listing
- Provide the seller with consistent updates, insights, and guidance
- Create value through storytelling, emphasizing the property’s location and long-term potential
Despite the low price point and challenging market, Bob was able to connect with a buyer who recognized the opportunity, resulting in a sale that surprised even the institutional seller.
Neighborhood Overview
Hudson Yards / Midtown West offers a dynamic location with:
- Proximity to Hudson Yards, Penn Station, and Times Square
- Access to multiple subway lines and bus terminals
- Rapid transformation into a mixed-use powerhouse
- Increasing demand for redevelopment opportunities and office repositioning
- One of Manhattan’s most forward-looking districts for investors and developers
Conclusion
The sale of 356-358 West 40th Street demonstrates that attention to detail and care in execution matter, regardless of deal size. Bob Knakal’s hands-on approach turned a small, overlooked asset into a success story for Standard Chartered Bank.
This early-career win helped lay the foundation for Bob’s future impact on the New York City brokerage scene.
Testimonial
“Our bank got stuck with this asset as values fell during the savings and loan crisis. We thought the big brokerage houses wouldn't pay attention to this small deal. We hired Bob Knakal and had confidence in him given his passion and market knowledge. This kid was amazing. He treated our building like it was the most important building in the world and got us a price above what we thought it was worth. Someday Bob is going to do something very special in the NYC brokerage world.”
— Davis Winston, Standard Chartered Bank
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