Successful Sale of 399 Knollwood Road in White Plains, Westchester
Bob Knakal and his team successfully arranged the sale of 399 Knollwood Road, a 152,000-square-foot office building situated in the well-established White Plains submarket of Westchester County. The transaction closed on May 28, 2015, and reflects the team's strong foothold in suburban markets and ability to connect New York City-based investors with prime suburban assets.
The marketing and execution of this sale were led by Bob Knakal, alongside his experienced team who implemented a strategic outreach campaign aimed at NYC investors—capitalizing on the property's scale, stability, and location near major highways and corporate campuses.
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Sale Details
This Class A office building was sold for $24,500,000, translating to $161.18 per square foot across its 152,000 total square feet. The buyer, Joel Schnur, acquired the asset from longtime owner and developer Robert Weisz of RPW Group, Inc. The transaction underscores continued investor interest in stabilized suburban office properties with strong leasing histories.
Highlights of the Sale:
- Sale Price: $24,500,000
- Price per SF: $161.18
- Buyer: Joel Schnur
- Seller: Robert Weisz, RPW Group, Inc.
- Property Type: Office
- Date Closed: May 28, 2015
- Units: 57
Property Details
Located at 399 Knollwood Road, White Plains, NY, the building sits within the dynamic Central Westchester office corridor, a submarket known for its mix of Fortune 500 companies, medical facilities, and legal offices. The site benefits from proximity to I-287 and the Bronx River Parkway, providing easy access to both New York City and the rest of Westchester.
Though primarily occupied by office tenants, the property's infrastructure and layout allow for potential modernization or repositioning in the future.
Key Investment Highlights:
- Year Built: Not publicly disclosed, but maintained to Class A standards
- Total Building Area: 152,000 square feet
- Lot Size: Substantial footprint within a single lot (Block 7.200-95, Lot 24)
- Units: 57 commercial suites
- Zoning: Office use with potential flexibility for future redevelopment
Market Strategy and Positioning
At the time of sale, suburban office properties in Westchester were undergoing a strategic reevaluation by urban investors seeking value outside core Manhattan. With increasing demand for cost-efficient, accessible space, this deal exemplified how properly marketed suburban assets could compete for NYC capital.
Bob Knakal and his team employed a broad-based marketing campaign that emphasized the property's long-term lease stability, accessibility, and scale—effectively positioning it as an institutional-grade investment to a wide audience, including Manhattan-based investors with established portfolios.
Neighborhood Overview
White Plains has long served as Westchester County’s economic and governmental hub. Known for its combination of urban infrastructure and suburban accessibility, the neighborhood is home to major employers, shopping centers, and government offices. Its strong transit connections make it one of the most accessible suburban markets in the Tri-State area.
Neighborhood Highlights:
- Business-Friendly Hub: Headquarters and offices for numerous financial, legal, and tech firms
- Transit Connectivity: Direct Metro-North service to Grand Central Terminal in under 40 minutes
- Retail and Amenities: Features The Westchester Mall, City Center, and Mamaroneck Avenue’s dining corridor
- Medical and Educational Institutions: Near White Plains Hospital and Pace Law School
- Walkable Downtown Core: Blend of mid-rise commercial, residential, and civic buildings
- High Demand Submarket: Preferred destination for tenants migrating from Manhattan or Greenwich
Conclusion
The sale of 399 Knollwood Road demonstrates how well-positioned suburban office properties continue to appeal to NYC-based investors. With a proven occupancy record, strong location in a premier Westchester office corridor, and a strategic marketing approach led by Bob Knakal, the transaction achieved optimal terms for the seller. The deal underscores the team's ability to bridge urban capital with suburban opportunity.
Testimonial
“We have been active in the Westchester office market for decades. Investors from New York City have always been great buyers for assets here. When it was time for us to sell 399 Knollwood, we retained Bob Knakal and his team to market the property to buyers in the city. They implemented a broad-based marketing program and ultimately, we sold the property to an investor with major holdings in the SoHo district in Manhattan. We were so pleased with the results that we already have Bob and his team representing us on another sale. These guys have a great track record, are hardworking and always keep a seller’s best interests in mind. I would be happy to recommend them to other potential sellers.”
– Robert Weisz, RPW Group, Inc.
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Frequently Asked Questions
Q1: What makes 399 Knollwood Road a valuable investment in White Plains?
The property combines scale, location, and accessibility—152,000 SF of office space near major highways and transit options, offering tenants convenience and flexibility.
Q2: Who purchased the property and what is their investment background?
The buyer, Joel Schnur, is an investor with significant holdings in Manhattan, particularly in the SoHo district, indicating a strategic expansion into suburban assets.
Q3: What was the marketing approach that led to a successful sale?
Bob Knakal and his team implemented a broad-based outreach strategy targeting Manhattan investors, leveraging the property's size, stability, and location to drive interest and competitive offers.
Q4: How does the White Plains office market compare to NYC’s?
White Plains offers a more cost-effective alternative to Manhattan with strong transit access and tenant demand, particularly among professional services, healthcare, and legal firms.
Q5: What is the long-term outlook for office buildings like this in Westchester?
Given the trend of decentralization from core urban centers, well-maintained suburban office assets in transit-accessible submarkets like White Plains remain highly attractive to investors and tenants alike.
