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Successful Sale of 158 East 35th Street in Murray Hill, Manhattan
Bob Knakal successfully arranged the sale of 158 East 35th Street, a boutique office building located in the heart of Murray Hill, Manhattan. Closed on February 12, 2003, the property was purchased by William Hill Security, a private security firm, for $2,000,000. The building was sold by high-net-worth individual Howard Pressman.
Compact, well-situated, and ideal for full-building occupancy, this asset offered an attractive opportunity for a business seeking a centrally located headquarters in a professional Manhattan neighborhood.
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Sale Details
The transaction closed at $2,000,000, equating to a price of $431.03 per square foot based on the building's 4,640 square feet. The property appealed to the buyer as a turn-key space with prime location benefits and a layout conducive to single-user occupancy.
Transaction Highlights:
- Sale Price: $2,000,000
- Buyer: William Hill Security
- Seller: Howard Pressman
- Asset Class: Office, User
- Date Closed: February 12, 2003
- Price Per Square Foot: $431.03
Property Details
Situated between Lexington and Third Avenues, 158 East 35th Street is located on Block 890, Lot 53 in the Murray Hill section of Manhattan. Known for its blend of professional and residential tenants, Murray Hill offers both prestige and convenience.
The property’s small footprint and private layout were ideal for businesses prioritizing discretion and control over their work environment.
Full Address: 158 East 35th Street, New York, NY 10016
Zoning: Office / Commercial Use
Building Class: Office, Owner-User
Investment Highlights:
- Year Sold: 2003
- Stories: 3 (approximate; based on square footage and lot type)
- Square Footage: 4,640 SF
- Ideal for: Boutique office, private practice, or security firm HQ
Market Strategy and Positioning
At the time of sale, owner-user demand in Manhattan was growing, particularly among firms seeking total control of smaller properties in central neighborhoods. 158 East 35th Street stood out as a rare opportunity to acquire a full-building presence in a mid-block, professional location.
Bob Knakal’s approach targeted specialized users—like security and legal firms—who value location, efficiency, and standalone visibility. His targeted outreach helped identify William Hill Security as the ideal buyer.
Neighborhood Overview
Murray Hill is a Midtown South neighborhood known for its balance of residential and commercial activity, historic charm, and close proximity to major transit hubs. It appeals to small-to-mid-sized companies, especially those looking for quieter surroundings without sacrificing convenience.
Neighborhood Highlights:
- Steps from Grand Central Terminal and Penn Station
- Near NYU Langone Medical Center and East River Greenway
- A blend of professional offices, medical practices, and boutique firms
- Access to 4/5/6 and 7 subway lines, providing direct access across the city
Conclusion
The sale of 158 East 35th Street underscores the importance of strategy and specialization in the Manhattan user-building market. With Bob Knakal’s expertise, the buyer secured a well-positioned office asset tailored to its operational needs.
This transaction showcases Bob’s deep understanding of the Murray Hill submarket and his ability to align properties with users who benefit most from them.
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Frequently Asked Questions
Q1: What type of property is 158 East 35th Street?
It is a user-occupied boutique office building, ideal for private firms and professional services in Manhattan.
Q2: Why was this property attractive to the buyer?
Its location in Murray Hill, manageable size, and potential for full-building control made it ideal for a private security firm like William Hill Security.
Q3: What was the price per square foot?
The building sold for $431.03 per square foot based on its 4,640 square feet.
