Successful Sale of 32 East 39th Street in Midtown East, Manhattan
Bob Knakal successfully arranged the sale of 32 East 39th Street, a boutique office/user building located in the heart of Midtown East, Manhattan. The property was purchased by Kippany Productions for $1,837,000, representing a price of $230.09 per square foot.
Situated between Park and Madison Avenues, this 7,984 square foot building provided an ideal opportunity for a single user or creative firm seeking ownership in one of Manhattan’s most accessible and commercially active corridors. The transaction highlights continued demand for manageable-sized office buildings in prime Midtown locations.
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Sale Details
The sale reflects a strategic acquisition by an owner-user who recognized the long-term value of owning in Midtown East, especially with proximity to major transit and corporate centers.
Sale Price: $1,837,000
Price per Square Foot: $230.09
Buyer: Kippany Productions (Corp.)
Seller: LTIC Associates Inc. (Philip O’Hara)
Asset Class: Office / User
Date Closed: February 13, 1998
Key Highlights:
- 7,984 SF office/user building
- Located between Park and Madison Avenues
- Excellent opportunity for private ownership and build-out
- Steps from Grand Central Terminal
Property Details
32 East 39th Street is a midblock property in the Midtown East submarket, one of the most well-connected commercial areas in New York City. Its compact footprint and strategic location make it well-suited for boutique office use or as headquarters for a creative or media company.
Full Address: 32 East 39th Street, New York, NY 10016
Block: 868
Lot: 48
Size: 7,984 SF
Zoning: Office use permitted
Investment Highlights:
- Located in a key Midtown corridor near Grand Central
- Ideal for users seeking long-term cost control and customization
- High accessibility via Metro-North and multiple subway lines
- Strong upside in long-term asset appreciation and user control
Market Strategy and Positioning
The property was marketed as a rare user acquisition opportunity in Midtown East, where most commercial space is leased and ownership options are limited. Bob Knakal’s outreach focused on production companies, media firms, and boutique financial services groups looking to establish a permanent Manhattan footprint.
The buyer, Kippany Productions, ultimately saw value in owning a full building with flexibility, privacy, and a location that caters to both business and creative sectors.
Neighborhood Overview
Midtown East is a powerhouse district for both corporate and creative office users. Its proximity to Grand Central Terminal and easy access to the West Side and Downtown makes it one of Manhattan’s most versatile office markets.
Notable Neighborhood Features:
- One block from Grand Central Terminal
- Near Bryant Park, the NY Public Library, and Park Avenue office towers
- Dense office and retail ecosystem
- Excellent dining, hotel, and transportation infrastructure
Conclusion
The $1.84 million sale of 32 East 39th Street is a testament to the enduring appeal of Midtown East as a destination for office ownership. The transaction showcases the strength of small- to mid-size user buildings and the long-term value of securing a foothold in Manhattan’s core commercial district. With Bob Knakal’s guidance, the buyer was able to acquire a strategically positioned building with long-term potential.
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Frequently Asked Questions
Q1: What type of buyer acquired 32 East 39th Street?
A1: The buyer, Kippany Productions, is a corporate user seeking full-building ownership for office or production use.
Q2: How large is the property?
A2: The building spans approximately 7,984 square feet.
Q3: Why is Midtown East a desirable location for office users?
A3: Midtown East offers excellent transit access, a strong business environment, and proximity to Grand Central, making it ideal for professional and creative users alike.
