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Successful Sale of 25 Fifth Avenue in the West Village, Manhattan
Bob Knakal facilitated the successful sale of 25 Fifth Avenue, a full-service pre-war elevator building in Manhattan’s sought-after West Village. Closed on April 29, 2005, the $46,300,000 transaction involved the conversion of a rental property into a residential condominium—a strategic repositioning move that added significant long-term value.
The property was acquired by RFR Holdings, led by investor Aby Rosen, who saw the potential to elevate the historic structure into a premier condo address. Bob Knakal’s involvement in the transaction helped align the property’s untapped potential with the developer’s vision for upscale residential living.
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Sale Details
This high-profile sale exemplifies the growing trend of converting rental buildings into luxury condominiums in downtown Manhattan during the mid-2000s. Bob Knakal’s deep market insight and experience with condo conversions ensured a successful outcome for all parties involved.
- Sale Price: $46,300,000
- Sale Date: April 29, 2005
- Buyer: RFR Holdings (Aby Rosen)
- Asset Class: Multifamily Elevator, Conversion
- Use Case: Rental-to-Condo Conversion
- Square Footage: 107,425
- Price per SF: $431.00
- Units: 93
- Block / Lot: 567 / 7,501
Property Details
25 Fifth Avenue is a 107,425-square-foot, pre-war elevator building ideally situated at the northern edge of the West Village. The classic structure features large layouts, high ceilings, and pre-war charm—ideal characteristics for luxury condominium conversion.
The building's scale and location made it a rare opportunity for a high-end transformation. Bob Knakal’s guidance was instrumental in executing a seamless transaction that allowed the buyer to reposition the asset as a top-tier residential address.
- Full Address: 25 Fifth Avenue, New York, NY 10003
- Zoning: Residential
- Conversion Type: Rental to Condominium
- Property Type: Elevator Multifamily
Strategic Positioning for a Condo Conversion
Bob Knakal provided critical insight on valuation, market timing, and conversion strategy. Recognizing the market’s appetite for pre-war condo offerings downtown, Bob advised on how to maximize pricing potential while ensuring feasibility in execution.
His approach included:
- Identifying experienced condo developers
- Evaluating tenant profiles and potential turnover timelines
- Assessing comparable sales in nearby pre-war conversions
This allowed the buyer to confidently move forward with a conversion strategy tailored to the neighborhood’s demand for boutique luxury residences.
Neighborhood Overview: West Village
- One of Manhattan’s most coveted residential areas
- Rich with pre-war architecture and landmarked charm
- Steps from Washington Square Park and Greenwich Village
- Known for its tree-lined streets and boutique retail
- Strong demand for luxury condos with historic character
Conclusion
The $46.3 million sale of 25 Fifth Avenue is a testament to Bob Knakal’s expertise in complex asset repositioning. His strategic advice and deep understanding of condo market dynamics enabled a successful rental-to-condo transition in one of Manhattan’s most tightly held neighborhoods.
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Frequently Asked Questions
Q1: What type of property is 25 Fifth Avenue?
It is a pre-war elevator building that was previously operated as a rental and later converted into luxury condominiums.
Q2: What made this building appealing for conversion?
Its generous layouts, architectural charm, and prime location in the West Village made it ideal for a high-end residential transformation.
Q3: How many units are in the building?
25 Fifth Avenue contains 93 residential units spread over 107,425 square feet.
