Successful Sale of 429 Second Avenue in Kips Bay, Manhattan
Bob Knakal successfully led the sale of 429 Second Avenue, a corner development site located in Manhattan’s Kips Bay neighborhood. Closed on August 23, 2021, the $14,800,000 transaction marked a strategic outcome for the seller, Michael Speiser of the Speiser Organization.
The site, with 44,987 buildable square feet, presented unique challenges — yet Bob and his team crafted a global marketing approach that attracted competitive interest. The property was ultimately sold to Certes Partners, who saw the long-term potential of the lot's development capabilities and prime corner positioning.
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Sale Details
Despite complex site conditions, Bob Knakal and his team attracted multiple buyers through aggressive outreach and detailed positioning of the property’s redevelopment potential.
Sale Price: $14,800,000
Buyer: Elan Hakimian, Certes Partners
Seller: Michael Speiser, Speiser Organization
Property Type: Development
Sale Date: August 23, 2021
Total Buildable SF: 44,987
Price per Buildable SF: $328.98
Buildings on Lot: 2
Stories: 3
Lot Size: 2,394 SF
Neighborhood: Kips Bay
Borough: Manhattan
Full Address: 429 Second Avenue, New York, NY 10010
Property Details
Located on a key corner in Kips Bay, 429 Second Avenue offered significant development rights with nearly 45,000 buildable square feet. The property contained two low-rise buildings and was well-positioned for residential or mixed-use development.
Its proximity to NYU Langone Medical Center, the 6 train at 28th Street, and several residential towers made the location especially appealing for a buyer looking to develop in a fast-growing, under-the-radar Manhattan neighborhood.
Strategic Marketing Approach
Bob Knakal and his team executed a wide-reaching marketing campaign to position the property competitively, focusing on its:
- Corner lot exposure on Second Avenue
- Development rights totaling 44,987 BSF
- Proximity to medical, educational, and transportation hubs
- Long-term redevelopment potential in a transitioning corridor
A major aspect of the campaign was international outreach. Bob’s team engaged investors and developers from across the globe, ultimately securing a Chinese buyer who recognized the value and paid the highest price.
Neighborhood Overview: Kips Bay
- Close to NYU Langone Medical Center and Bellevue Hospital
- Near Murray Hill, Gramercy, and NoMad
- Increasing interest from developers due to central location
- Strong rental and retail demand from nearby institutions
- Active residential development pipeline in the area
Conclusion
The sale of 429 Second Avenue showcases Bob Knakal’s ability to unlock value in even the most complicated development sites. With deep market knowledge and global buyer access, Bob delivered a successful outcome for the Speiser Organization — turning complexity into opportunity.
Testimonial
“We felt it was time to sell our site on Second Avenue and we were told Bob Knakal and his team would do a great job for us. We interviewed them and their track record spoke for itself. We retained them and it was clear that there were a number of issues with our site that were out of the ordinary. Bob and his team did everything anyone could have to get as many buyers from around the globe interested in our property and in the end they found a Chinese buyer who paid the highest price. We highly recommend them to other sellers in New York City.”
– Michael Speiser, Speiser Organization
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Frequently Asked Questions
Q1: What is the development potential of 429 Second Avenue?
The property offers 44,987 buildable square feet, making it suitable for residential, mixed-use, or institutional development.
Q2: Why was this property attractive despite site complications?
Its corner location, proximity to hospitals and transit, and long-term neighborhood growth made it an appealing asset for visionary developers.
Q3: Who bought the property and why?
Certes Partners acquired the site, recognizing its potential for strategic redevelopment in a growing Manhattan neighborhood.
