Successful Sale of 392-398 Second Avenue in Kips Bay, Manhattan
Bob Knakal successfully arranged the sale of 392-398 Second Avenue, a highly visible 100’ x 100’ corner development site located at the southeast corner of Second Avenue and East 23rd Street in the Kips Bay neighborhood of Manhattan. The seller, East End Temple, was represented throughout the transaction with professionalism and care, culminating in a sale to the Zucker Organization for $8,500,000.
This unique development opportunity—comprising four adjacent lots—boasted over 103,000 buildable square feet, making it a rare offering in a well-connected and rapidly evolving part of Manhattan.
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Sale Details
The 1999 sale of this development site in Kips Bay was completed for $8,500,000, equating to $81.86 per buildable square foot. Bob Knakal guided East End Temple, a nonprofit organization, through the process with patience and precision.
- Sale Price: $8,500,000
- Price per BSF: $81.86
- Buyer: Zucker Organization (Donald Zucker)
- Seller: East End Temple (Helen Spring)
- Seller Type: Nonprofit Religious Institution
- Date Closed: September 14, 1999
- Asset Class: Development
- Lot Size: 100 ft x 100 ft (four tax lots)
Property Details
The property sits at the bustling corner of East 23rd Street and Second Avenue—an ideal location for residential or mixed-use development.
- Full Address: 392-398 Second Avenue, New York, NY 10010
- Submarket: Kips Bay
- Zoning: Development
- Tax Lots: 928-54 through 928-57
- Lot Dimensions: 100’ x 100’
- Total Buildable SF: 103,830
- Buildings on Site: 4 buildings across 4 lots
- Stories (Existing): 5
Investment Highlights:
- Corner lot with 100 feet of frontage on both East 23rd Street and Second Avenue
- Over 103,000 buildable square feet
- High-traffic location near NYU Langone and multiple transit options
- Rare offering from a nonprofit institution, first time available in decades
Market Strategy and Positioning
The Kips Bay real estate market in the late 1990s was gaining traction, driven by institutional development interest and an increasing demand for multifamily housing in transit-rich areas. The property's corner location and significant buildable square footage made it a prime candidate for vertical development.
Bob Knakal’s strategy involved identifying developers with the capacity to unlock the site’s full potential, ultimately engaging Donald Zucker—a seasoned investor with a track record of major NYC developments. This positioning ensured the seller received strong interest and competitive terms.
Neighborhood Overview
Kips Bay is known for its residential charm and close proximity to Midtown East, Gramercy Park, and the East River. It’s a hub for medical, educational, and commercial institutions.
Nearby Highlights:
- NYU Langone Medical Center
- Baruch College
- AMC Kips Bay 15 Cinema
- Trader Joe’s and Target on Second Avenue
Neighborhood Highlights:
- Transit-rich area with easy access to the 6 train and multiple bus lines
- Popular among young professionals and families
- Strong rental demand and residential stability
- Proximity to East River Esplanade and Stuyvesant Cove Park
Conclusion
The sale of 392-398 Second Avenue highlights Bob Knakal’s deep expertise in guiding nontraditional sellers through complex real estate transactions. With over 100,000 buildable square feet and a prime corner location, this site represented a one-of-a-kind opportunity in Kips Bay. Bob’s ability to identify the ideal buyer and structure a favorable deal underscores the value of experience and market knowledge.
Testimonial
“Bob Knakal and his team were wonderful throughout this process. We are not real estate people and he demonstrated professionalism and extreme patience with us during the entire sale.”
– Helen Spring, East End Temple
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Frequently Asked Questions
Q1: What was the size of the property at 392-398 Second Avenue?
The lot measured 100 feet by 100 feet, offering 103,830 buildable square feet.
Q2: What type of buyer acquired the property?
The Zucker Organization, led by Donald Zucker, a prominent developer with experience in large-scale residential projects.
Q3: Why was this property attractive for development?
Its large corner footprint, generous buildable square footage, and location in a rapidly improving submarket made it highly desirable for residential or mixed-use development.
