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Successful Sale of 431-439 West 37th Street & 422-430 West 38th Street in Midtown West’s Hudson Yards, Manhattan
Bob Knakal successfully arranged the sale of a rare development assemblage at 431-439 West 37th Street and 422-430 West 38th Street, located in the heart of the Hudson Yards section of Midtown West. The $18,700,000 sale included five buildings across three lots, offering a total of 98,366 buildable square feet, equating to a price of approximately $190 per buildable square foot.
The assemblage featured a mix of commercial property, parking for 99 vehicles, and a vacant lot—making it a highly sought-after opportunity in one of Manhattan’s fastest-growing neighborhoods.
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Sale Details
The deal closed on January 6, 2011, following a competitive marketing process that showcased the property's potential for high-density redevelopment.
- Sale Price: $18,700,000
- Buyer: Joy Construction Corp. (Eli Weiss)
- Seller: Gemstone Property Group (Dan Winschuh)
- Seller Type: Developer
- Property Type: Development Site
- Location: 431-439 West 37th Street & 422-430 West 38th Street, Manhattan, NY
- Lot Size: Three lots across two streets
- Buildable SF: 98,366
- Price per Buildable SF: $190.11
- Closing Date: January 6, 2011
This deal stood out not only for its scale and location but also because of its composition—parking and vacant land—which offered flexibility and attracted interest from a wide range of developers.
Property Details
The assemblage included:
- 431 West 37th Street: Commercial structure
- 433-439 West 37th Street: Parking facility with 99 spaces
- 422-430 West 38th Street: Vacant land
The properties were sold as a package and represented a rare opportunity for redevelopment in an area that was already beginning to transform into the Hudson Yards we know today.
The Client: A Developer Seeking Maximum Market Value
The seller, Dan Winschuh of Gemstone Property Group, entrusted Bob Knakal to bring the assemblage to market with a strategy designed to attract institutional-level buyers. Bob’s extensive reach, particularly in the Hudson Yards submarket, allowed him to generate strong interest and multiple offers.
Bob’s knowledge of zoning, development metrics, and buyer motivations allowed him to effectively position the site’s value, ultimately securing a favorable price for the seller.
Market Strategy and Competitive Leverage
To optimize value, Bob Knakal positioned the property to appeal to developers looking to capitalize on the rapid growth of Hudson Yards. His outreach extended to active builders, parking operators, and value-add investors.
The mix of commercial use, parking, and vacant land created multiple potential uses, increasing buyer interest and competition. This approach ultimately helped secure a strong price per buildable square foot in a market that was still evolving.
Neighborhood Overview
Hudson Yards, part of Midtown West, is one of Manhattan’s most transformative development zones. The neighborhood benefits from:
- Proximity to Penn Station and Hudson Yards subway station (7 train)
- Anchored by Hudson Yards megaproject and The High Line
- Growing demand for high-density residential and commercial developments
- Development-friendly zoning and significant public/private investment
Conclusion
The sale of 431-439 West 37th Street and 422-430 West 38th Street demonstrates Bob Knakal’s ability to execute complex development site transactions in Manhattan’s evolving submarkets. By strategically marketing the assemblage and tapping into rising demand in Hudson Yards, Bob delivered strong results and exceeded expectations.
Testimonial
“When it comes to development site sales, Bob Knakal is our ‘go-to’ broker, especially in Hudson Yards. Bob got us a fantastic price and did everything he said he would.”
— Dan Winschuh, Gemstone Property Group
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