Successful Sale of 158-162 West 25th Street in Chelsea, Manhattan
Bob Knakal successfully brokered the sale of 158-162 West 25th Street, a prime development site located in the heart of Chelsea, Manhattan. The property spans 55 feet in width and offers nearly 56,000 buildable square feet, providing developers with an opportunity to capitalize on Chelsea’s continued transformation into one of Manhattan’s most creative, livable, and design-forward neighborhoods.
This transaction highlights investor confidence in New York City’s west side markets, where underbuilt parcels and adaptive reuse opportunities continue to attract both local and global buyers.
Development Site Sales - For the complete list click here Development Sites
Sale Details: Strategic Acquisition Reflecting Chelsea’s Rising Market
The transaction closed on June 8, 1999, at a sale price of $1,600,000, translating to approximately $28.61 per buildable square foot. The buyer, Eric Brown, purchased the property from Michael Feirstein, a well-known high-net-worth investor with extensive experience in Manhattan property transactions.
At the time, this sale reflected the early stages of Chelsea’s redevelopment boom, as industrial spaces began transforming into high-end residences, creative offices, and art-focused projects.
Sale Highlights:
- Sale Price: $1,600,000
- Price per Buildable SF: $28.61
- Buyer: Eric Brown
- Seller: Michael Feirstein
- Asset Class: Development Site
- Date Closed: June 8, 1999
Property Overview: 158-162 West 25th Street, Chelsea NYC
Located between Sixth and Seventh Avenues, 158-162 West 25th Street sits within one of Manhattan’s most strategic corridors, offering connectivity to both Flatiron and Hudson Yards. Its location provides unmatched access to major employment centers, creative offices, and cultural destinations throughout Chelsea and Midtown South.
The site’s zoning flexibility and lot configuration make it ideal for mixed-use redevelopment, aligning with Chelsea’s long-term growth trajectory as a center for creative industries and urban living.
Property Specifications:
- Full Address: 158-162 West 25th Street, New York, NY 10001
- Lot Dimensions: 55 ft x 98 ft
- Total Buildable SF: 55,916 square feet
- Stories: 1
- Buildings on Lot: 2
- Zoning: Suitable for mixed-use or residential conversion
Investment Highlights: Redevelopment Opportunity in the Heart of Chelsea
As a rare mid-block development site, 158-162 West 25th Street presented developers with an exceptional chance to deliver new construction or adaptive reuse projects in one of Manhattan’s most in-demand neighborhoods. The area’s walkability, cultural cachet, and robust infrastructure make it an enduring hotspot for investment and urban design innovation.
Investment Highlights Include:
- Ideal for residential, mixed-use, or commercial redevelopment
- Located between two major avenues with strong pedestrian and transit traffic
- Walking distance to Penn Station, Madison Square Park, and the High Line
- Supported by Chelsea’s continued neighborhood growth and zoning flexibility
Market Strategy and Positioning: Leveraging Chelsea’s Momentum
At the time of sale, Chelsea was undergoing one of Manhattan’s most notable transformations—shifting from industrial use to a hub for creative offices, boutique residences, and art galleries. Bob Knakal’s marketing strategy highlighted the property’s size, adaptability, and prime location, positioning it as a standout redevelopment opportunity.
By framing the asset within the context of West 25th Street’s evolution, the campaign drew multiple qualified investors, resulting in a competitive sale that reflected both current market demand and future appreciation potential.
Neighborhood Overview: Chelsea’s Creative and Cultural Core
Chelsea, Manhattan stands as a symbol of creativity and reinvention. Once dominated by warehouses, it has evolved into a mixed-use neighborhood defined by art, architecture, and innovation. The area’s proximity to Midtown, Hudson Yards, and the Flatiron District adds to its long-term investment strength, while its vibrant culture and walkability continue to attract global attention.
Nearby Attractions:
- The High Line: A signature elevated park connecting art, nature, and urban design.
- Chelsea Market: A world-renowned food and retail hub known for its creative community.
- Madison Square Park: A historic park offering a green escape in the Flatiron District.
- Penn Station: A major transportation hub providing direct regional and national access.
Neighborhood Highlights:
- Creative Energy: Home to art galleries, design firms, and media agencies.
- Prime Connectivity: Centrally positioned near major subway and commuter routes.
- Historic Meets Modern: A blend of landmark buildings and contemporary development.
- Sustained Investment Appeal: High demand across residential and commercial sectors.
Conclusion: A Defining Chelsea Transaction Reflecting Long-Term Vision
The sale of 158-162 West 25th Street exemplifies Bob Knakal’s ability to identify, market, and close strategically positioned development opportunities. The transaction captured Chelsea’s rising value during the late 1990s, highlighting foresight by both broker and seller in recognizing the neighborhood’s long-term growth trajectory.
This deal remains a testament to the power of location, timing, and market knowledge—cornerstones of Bob Knakal’s approach to New York City investment sales.
Testimonial: Client Success Through Strategic Execution
“Bob Knakal represented us on several transactions and the results he produced for us on 25th Street were no different from the others. They were GREAT! Bob, thanks for all of the hard work on our behalf.”
— Mike Feirstein, 41 West 17th Realty Co.
Learn More About New York Real Estate
Explore our exclusive online magazine to discover remarkable New York real estate deals and Success Stories from the city and surrounding areas.
Frequently Asked Questions (FAQs)
Q1: What type of property is 158-162 West 25th Street?
It is a development site in Chelsea, Manhattan, consisting of two existing structures across a 55-foot-wide lot with 55,916 buildable square feet. The property was ideal for redevelopment into a residential, mixed-use, or creative commercial project.
Q2: What was the sale price and when did the transaction close?
The property sold for $1,600,000 on June 8, 1999, equating to roughly $28.61 per buildable square foot. This price reflected strong demand for underbuilt sites in Chelsea at the cusp of its creative renaissance.
Q3: Who were the buyer and seller in this transaction?
The buyer was Eric Brown, an active real estate investor, and the seller was Michael Feirstein, a seasoned high-net-worth investor with a track record of successful property sales in Manhattan.
Q4: How large is the property and what zoning advantages does it offer?
The site measures 55 feet by 98 feet, totaling 55,916 buildable square feet. Zoning allows for mixed-use or residential development, giving flexibility for both luxury housing and creative commercial use.
Q5: Why is Chelsea such a strong submarket for real estate investment?
Chelsea’s location offers immediate access to Midtown, Flatiron, and Hudson Yards, supported by world-class dining, art galleries, and cultural venues. Its reputation as Manhattan’s creative center ensures consistent demand from both residents and businesses.
Q6: What potential redevelopment opportunities exist for 158-162 West 25th Street?
The property is suitable for boutique residential development, commercial lofts, or a hybrid mixed-use project. Given its position between Sixth and Seventh Avenues, it also holds appeal for hospitality or co-working concepts catering to the area’s dynamic workforce.
Q7: How does this sale fit into Chelsea’s broader market evolution?
The transaction took place at a pivotal time when Chelsea was transitioning from an industrial neighborhood to a cultural and residential destination. Sales like this laid the groundwork for today’s thriving blend of art spaces, tech offices, and modern residences that define the area.
