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Successful Sale of 128-30 East 58th Street in Midtown East, Manhattan
Bob Knakal successfully closed the sale of 128-30 East 58th Street, a religious and user-classified property in the heart of Midtown East, Manhattan. This rare transaction involved the sale of a freestanding religious-use building formerly owned by the NY Catholic Archdiocese.
Positioned on one of Midtown East’s most established blocks, the 11,808-square-foot property was acquired by Kamran Hakim, marking another strategically executed sale guided by Bob Knakal and his team.
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Sale Details
This off-market sale represents a unique asset class and location. The property sold for $1,465,000, translating to $124.07 per square foot.
Buyer: Kamran Hakim
Seller: Dave Brown, NY Catholic Archdiocese
Seller Type: Religious Institution
Sale Date: January 6, 1997
Highlights of the Transaction:
- Freestanding religious-use structure
- Rare user sale in a core Midtown East location
- Excellent long-term repositioning potential
- Opportunity for renovation or adaptive reuse
Property Details
Full Address: 128-30 East 58th Street, New York, NY 10022
Located just off Lexington Avenue, between Park and Third Avenues, this block benefits from high pedestrian traffic and proximity to major Midtown landmarks and transportation hubs.
Submarket: Midtown East, one of Manhattan’s most established business and residential districts.
Zoning: As a religious-use facility, the site may offer future conversion potential, subject to zoning and community board review.
Historic District: Not within a designated district.
Key Investment Details:
- Year Built: Not disclosed, though religious institutions in this area often date to the early 20th century
- Stories: Presumed 2–3 based on typical building bulk
- Building Size: 11,808 square feet
- Asset Class: Religious/User building
- Lot Dimensions: Not provided but spans Block 1312, Lot 62
Market Strategy and Positioning
At the time of sale, Midtown East remained one of the most sought-after neighborhoods in Manhattan, particularly for office users, consulates, and institutional buyers. The transaction presented an opportunity for a long-term hold or adaptive reuse. Religious and user assets like this one rarely come to market, which increased its competitive positioning.
Bob Knakal’s strategy emphasized the unique zoning and potential for institutional reuse, helping the buyer understand the intrinsic value of owning a building with no commercial tenants or complicated leases to unravel.
Neighborhood Overview
Midtown East is a powerhouse submarket in Manhattan, home to a dynamic mix of residential, institutional, and corporate tenants. Known for its convenience, centrality, and iconic buildings, the area surrounding East 58th Street includes:
- Bloomingdale’s Flagship Store: Just a few blocks away at 59th and Lexington, Bloomingdale’s draws both local and international shoppers. The flagship occupies a full city block and continues to anchor the neighborhood’s retail corridor.
- The Bloomberg Tower (731 Lexington Avenue): A mixed-use skyscraper just steps from the site, housing Bloomberg L.P. headquarters and high-end residences, signifying the strength of the office and luxury residential sectors nearby.
- Central Synagogue: One of the oldest reform congregations in the U.S., located at 652 Lexington Avenue. Its architectural beauty and cultural significance reflect the neighborhood's rich spiritual and institutional history.
- East 57th Street Corridor: Known as "Billionaire’s Row East," this corridor has seen a rise in super-luxury development projects, signaling investor confidence and future value in surrounding parcels like 128-30 East 58th Street.
Conclusion
The sale of 128-30 East 58th Street underscores the continued demand for user and institutional properties in prime Midtown East locations. The building's rare classification, walkable location, and clean title made it a unique opportunity.
Bob Knakal and his team played a pivotal role in the transaction, ensuring a successful outcome through strategic advisory and market positioning. Their experience navigating specialized asset classes like religious-use buildings once again demonstrated Bob Knakal’s ability to guide clients through complex real estate deals.
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Frequently Asked Questions
Q1: What was the previous use of 128-30 East 58th Street?
The building was previously used by a religious institution under the NY Catholic Archdiocese. Its structure and zoning support continued user operation or future adaptive reuse.
Q2: Why is this property significant in the Midtown East market?
It’s rare to find freestanding user buildings available in Midtown East. The area is heavily developed and tightly held, making such properties highly attractive for institutions or long-term investors.
Q3: What type of buyer typically purchases religious or user-classified buildings in Manhattan?
These assets often attract nonprofit organizations, international cultural institutions, or investors seeking repositioning opportunities with fewer tenant constraints.
Q4: What potential does this property hold for future use?
Given its location and zoning, the building could be adapted for medical, educational, or cultural use, pending regulatory approvals. Its layout and square footage also lend themselves to modern institutional design.
