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Successful Sale of 30-32 West 56th Street in Midtown West, Manhattan
Bob Knakal successfully brokered the sale of 30-32 West 56th Street, a user-owned office property in Midtown West, Manhattan. The site was sold for $3,800,000 to Aeffe USA Inc., M Comenza, and Fashion Service USA—fashion industry end users seeking a highly visible retail presence. This transaction demonstrates the continued demand for ground-up retail repositioning in one of New York’s most sought-after commercial corridors.
Located just off Fifth Avenue, this former office building was well-positioned for retail conversion, capitalizing on its street-level visibility, classic architecture, and proximity to luxury shopping destinations.
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Sale Details
The property closed on August 11, 1994, with a final sale price of $3,800,000, equating to $154.47 per square foot based on its 24,600 buildable square feet. The seller, Salvatore Salta of Zingarella Realty Corp., a longtime neighborhood stakeholder, entrusted Bob Knakal with the assignment.
Key transaction highlights include:
- Sale Price: $3,800,000
- Price per BSF: $154.47
- Buyer: Aeffe USA Inc., M Comenza, Fashion Service USA
- Seller: Zingarella Realty Corp. (Salvatore Salta)
- Seller Type: Retailer/User
- Sale Date: August 11, 1994
- Asset Class: Office, Retail, User
- Use Conversion: Office to Retail
Property Details
Situated between Fifth and Sixth Avenues, 30-32 West 56th Street lies in the heart of Midtown West—just one block from Central Park South and minutes from luxury hotels and international retailers.
Full Address: 30-32 West 56th Street, New York, NY 10019
The site offered an excellent conversion opportunity with features that made it a strategic retail investment:
- Located mid-block between Fifth and Sixth Avenues
- Positioned for office-to-retail conversion
- Buildable Square Feet: 24,600
- Classic Midtown limestone façade ideal for branding
- Surrounded by luxury flagships and major foot traffic
Market Strategy and Positioning
At the time of sale, Manhattan was undergoing a transition with growing interest in converting commercial buildings to retail use in prime corridors. Bob Knakal’s strategy focused on identifying users within the fashion and design industries that could benefit from a boutique street-level presence.
By directly targeting high-end fashion firms and showroom operators in need of prime retail visibility, Bob generated competitive interest. This user-driven strategy yielded strong value and ensured the long-term success of the new owner’s operations.
Neighborhood Overview
Midtown West remains one of Manhattan’s most prominent commercial districts, attracting global retailers, cultural landmarks, and a robust tourist economy.
Highlights of the area include:
- Just steps from Fifth Avenue’s luxury shopping
- Proximity to Central Park, MoMA, and Bergdorf Goodman
- High foot traffic corridor frequented by tourists and professionals
- Longstanding retail and office demand in the neighborhood
Conclusion
The sale of 30-32 West 56th Street illustrates Bob Knakal’s market foresight and expertise in user-driven retail conversions. By targeting strategic users and navigating the office-to-retail transition, Bob was able to deliver a tailored solution that maximized the property’s value and future potential.
Testimonial
“Bob Knakal knows this neighborhood better than anyone. He found the perfect buyer for us. Bob, you are the best!”
— Sal and Romeo Salta
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Frequently Asked Questions
Q1: What was the original use of 30-32 West 56th Street before the sale?
The property was originally operated as an office building prior to being converted to retail use.
Q2: What made the site ideal for retail conversion?
Its proximity to Fifth Avenue, classic façade, and visibility in a high-foot-traffic area made it attractive for fashion or showroom retail.
Q3: Who purchased the property?
The buyers were Aeffe USA Inc., M Comenza, and Fashion Service USA—all companies within the fashion industry.
Q4: What was the price per buildable square foot?
The property sold for approximately $154.47 per buildable square foot.
Q5: What is the asset class of the property?
The asset was a hybrid: office, retail, and user—sold specifically for user retail repositioning.
