Successful Sale of 30 East 39th Street in Midtown East, Manhattan
Bob Knakal and his team successfully arranged the sale of 30 East 39th Street, a boutique office and user building in Midtown East, Manhattan. The property, located between Madison and Park Avenues, offered an exceptional opportunity for institutional and non-profit use within one of Manhattan’s most active office submarkets.
The team leveraged their market expertise to highlight the property’s unique appeal, including its 9,360 square feet of interior space and prime Midtown East address, resulting in a smooth closing.
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Sale Details
The sale of 30 East 39th Street was completed on April 14, 1998, for a total of $1,090,000, translating to $116.45 per square foot based on its 9,360 buildable square feet.
- Sale Price: $1,090,000
- Price per SF/BSF: $116.45
- Buyer: Hetrick-Martin Institute Inc. c/o Verna Eggleston
- Seller: LTIC Associates Inc. (Philip O’Hara)
- Seller Type: Corporation
- Asset Class: Office, User
- Sale Date: April 14, 1998
Property Details
The property is positioned at 30 East 39th Street, New York, NY 10016, on the south side of East 39th Street between Madison and Park Avenues, offering excellent accessibility to major transportation hubs and Midtown business corridors.
- Lot Size / Dimensions: Noted Midtown parcel with strong office-user appeal
- Stories: Multi-story office building
- Square Footage: 9,360 SF
- Zoning: Midtown East office-user designation (contextual office submarket)
Key Investment Highlights:
- Prime Midtown East location between Madison and Park Avenues
- 9,360 square feet of interior space for institutional or office use
- Proximity to Grand Central Terminal and major transit lines
- Established office-user demand in one of Manhattan’s most competitive submarkets
Market Strategy and Positioning
At the time of the sale, Midtown East remained one of Manhattan’s most stable and desirable office markets, with steady demand from institutions, non-profits, and professional service firms seeking prestigious addresses near Grand Central Terminal.
The property’s manageable size and adaptability made it attractive to buyers looking for ownership in Manhattan’s core business district. By positioning the building as both a functional office property and a potential user headquarters, Bob Knakal and his team were able to maximize interest and secure favorable pricing.
Neighborhood Overview
Midtown East has long been one of Manhattan’s most desirable commercial districts, offering a balance of historic charm and modern convenience. Anchored by Grand Central Terminal and bordered by prestigious avenues, the area attracts corporations, institutions, and cultural organizations alike.
Neighborhood Highlights:
- Grand Central Terminal: A transportation hub providing unrivaled connectivity to the city and beyond.
- Madison & Park Avenues: Prestigious corridors lined with corporate headquarters, luxury hotels, and cultural institutions.
- Bryant Park & New York Public Library: Renowned landmarks within walking distance, adding cultural vibrancy to the area.
- Retail & Dining: Upscale shopping and dining options create a dynamic environment for businesses and their employees.
With its mix of transit access, office prestige, and cultural attractions, Midtown East continues to be one of Manhattan’s most sought-after neighborhoods for office users and investors.
Conclusion
The sale of 30 East 39th Street underscores the enduring appeal of Midtown East as a premier location for office and user properties. With its central location, strong market positioning, and versatile layout, the building represented a valuable acquisition opportunity.
This successful transaction highlights Bob Knakal’s expertise in navigating the competitive Midtown East real estate market, ensuring sellers achieve optimal outcomes while connecting buyers with strategically positioned assets.
Testimonial
"Bob Knakal and his team came highly recommended to us from several of our very best clients. Everything they told us about Bob was exactly right. He is hardworking, exhibits integrity and is an expert in his craft. He and his team did an outstanding job for us in the sale of our two buildings on East 39th Street. We could not have been happier with the job they did for us."
— George Young, Lawyers Title Insurance Company
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Frequently Asked Questions
Q1: What type of property is 30 East 39th Street?
30 East 39th Street is an office and user building located in Midtown East, Manhattan. Its manageable size and central location make it highly appealing for institutional or non-profit organizations.
Q2: How much was the property sold for?
The property sold for $1,090,000 on April 14, 1998. The price equated to approximately $116.45 per square foot based on the total buildable square footage.
Q3: Who purchased the property?
The buyer was the Hetrick-Martin Institute Inc. c/o Verna Eggleston, a notable non-profit organization with operations in New York City.
Q4: What were the key selling points of the property?
Key selling points included its 9,360 square feet of space, strong institutional appeal, central Midtown East location, and flexibility for office or user occupancy.
Q5: Why is Midtown East considered a desirable submarket?
Midtown East is one of Manhattan’s most prestigious business districts, home to Fortune 500 companies, historic landmarks, and excellent transit options. Its mix of corporate, cultural, and retail attractions continues to drive strong real estate demand.
