Successful Sale of 13-15 West 56th Street in Midtown West, Manhattan
Bob Knakal successfully arranged the sale of 13-15 West 56th Street, a prime development site located in the heart of Midtown West, Manhattan. The property, formerly operated as a parking lot by Edison Parking, was sold for $5,250,000. This site offered a rare opportunity in a coveted neighborhood known for its proximity to Fifth Avenue, Central Park, and some of Manhattan’s most iconic destinations.
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Sale Details
The sale of this Midtown West property demonstrates the strong demand for development sites in the area.
- Sale Price: $5,250,000
- Price per Buildable Square Foot: $131.25
- Buyer: Richard Born, Ira Druicker, and Steve Caspi
- Seller: Jerry Gottesman, Edison Parking
- Seller Type: Corporation
- Asset Class: Development Site, Parking Lot
- Sale Date: November 12, 1998
Property Details
Situated mid-block on West 56th Street between Fifth and Sixth Avenues, 13-15 West 56th Street offered a valuable opportunity for ground-up development in one of Manhattan’s most dynamic corridors.
Property Highlights:
- Lot Dimensions: 50 feet by 100 feet
- Total Lot Size: 5,000 square feet
- Buildable Square Footage: 40,000 BSF
- Stories: 0 (vacant parking lot at time of sale)
- Zoning: Development (suitable for residential, hotel, or mixed-use)
Full Address:
13-15 West 56th Street, New York, NY 10019
Market Strategy and Positioning
At the time of sale, Midtown West was experiencing heightened demand from both local and international developers, with buyers looking for opportunities near Fifth Avenue and Central Park South. The positioning of 13-15 West 56th Street as a blank-slate development site allowed Bob Knakal to highlight its versatility—appealing to hotel operators, luxury residential developers, or mixed-use investors. This competitive positioning ensured strong buyer interest and a successful outcome for Edison Parking.
Neighborhood Overview
Midtown West is one of Manhattan’s most sought-after areas, blending world-class retail, cultural institutions, and luxury hospitality. The neighborhood benefits from strong foot traffic, steady tourist demand, and proximity to major commercial corridors.
Neighborhood Highlights:
- Cultural Institutions: Just steps from the Museum of Modern Art (MoMA), one of the most visited museums in the world.
- Luxury Retail: Close to Fifth Avenue’s luxury shopping corridor, featuring flagship stores for global brands.
- Central Park Access: Only a short walk to Central Park, enhancing the site’s appeal for residential and hotel development.
- Transit: Excellent subway connectivity at 57th Street and Fifth Avenue stations, ensuring accessibility across the city.
Vibrant and Prestigious Location: Midtown West has long been a magnet for developers due to its blend of high-end retail, premier hotels, and cultural institutions. Properties like 13-15 West 56th Street attract attention for their rare development potential and strong long-term value.
Conclusion
The sale of 13-15 West 56th Street underscores the continued appeal of Midtown West development sites. With its strategic location, generous buildable square footage, and proximity to some of Manhattan’s most renowned attractions, this property represented a rare opportunity for forward-thinking investors. Bob Knakal’s leadership and market expertise ensured a successful outcome, achieving optimal value for the seller, Edison Parking.
Testimonial
“I rarely give testimonials like this, but I have admired Bob Knakal for many years. He did a fantastic job for us on our 56th Street development site and we would be happy to work with him again. Bob really knows what he is doing.”
— Jerry Gottesman, Edison Parking
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Frequently Asked Questions
Q1: What type of property was sold at 13-15 West 56th Street?
The property was a vacant parking lot positioned as a development site, offering 40,000 buildable square feet suitable for residential, hotel, or mixed-use development.
Q2: How much did the property sell for?
The property sold for $5,250,000, which equates to approximately $131.25 per buildable square foot.
Q3: Where is 13-15 West 56th Street located?
It is located in Midtown West, Manhattan, between Fifth and Sixth Avenues, close to Fifth Avenue shopping, MoMA, and Central Park.
Q4: Who were the parties involved in the transaction?
The buyer group consisted of Richard Born, Ira Druicker, and Steve Caspi, while the seller was Edison Parking, represented by Jerry Gottesman.
Q5: Why was this property attractive to buyers?
Its prime location, zoning flexibility, and substantial buildable square footage made it ideal for hotel or luxury residential development, attracting multiple investor groups.
Q6: What makes Midtown West a desirable neighborhood for development?
Midtown West offers proximity to Central Park, Fifth Avenue retail, and cultural landmarks like MoMA. Its vibrant mix of luxury hotels, retail, and residential developments make it one of the most in-demand areas in Manhattan.
