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Successful Sale of 736 Broadway in NoHo, Manhattan
Bob Knakal successfully brokered the sale of 736 Broadway, a 29,485-square-foot mixed-use property located in the heart of NoHo. The building, previously residential, was repositioned as an office conversion—a rare and strategic opportunity in one of Manhattan’s most desirable neighborhoods.
The transaction closed on July 1, 2013, and marks a significant repositioning of the asset by the seller, Gary Barnett of Extell Development. The property was acquired by Jeong Kim of UD Real Estate Group for $8,700,000. Bob’s involvement ensured a seamless transaction that maximized value and aligned with the buyer’s long-term vision for creative office use in the neighborhood.
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Sale Details
This NoHo asset was sold for $8,700,000, translating to $295.07 per buildable square foot.
- Buyer: Jeong Kim, UD Real Estate Group
- Seller: Gary Barnett, Extell Development
- Seller Type: Developer
- Asset Class: Office Conversion
- Sale Date: July 1, 2013
Transaction Highlights:
- Full repositioning from residential to office use
- Located in one of Manhattan’s most architecturally iconic neighborhoods
- Flexible floor plates ideal for creative office tenants
- Competitive pricing for NoHo office space at the time of sale
Property Details
Positioned on the east side of Broadway between Astor Place and Waverly Place, 736 Broadway sits at the gateway to NoHo’s cultural and architectural legacy. This property offers a rare full-building opportunity in a submarket where institutional ownership dominates.
Full Address: 736 Broadway, New York, NY 10003
Investment Highlights:
- Year Built: Originally constructed in the early 20th century (updated pre-sale)
- Stories: Multi-story structure suitable for boutique office layout
- Lot Details: Block 545, Lot 22
- Total Buildable SF: 29,485 SF
- Units: 11
- Zoning: Mixed-use zoning allowing for office conversion
While specific lot dimensions and elevator information were undisclosed, the property’s massing and location made it ideal for boutique office tenants seeking creative space in a landmark corridor.
Market Strategy and Positioning
This transaction reflects a growing trend at the time of converting residential assets into boutique office use—particularly in neighborhoods like NoHo where demand for creative space surged. Bob Knakal positioned the asset to appeal to developers and owner-users by emphasizing flexibility, location, and the untapped value of an office conversion.
The strategy focused on:
- Repositioning for office use to serve creative firms priced out of SoHo
- Highlighting underutilized square footage in a location known for architectural authenticity
- Leveraging Bob’s extensive investor network to connect the right buyer
Neighborhood Overview: NoHo, Manhattan
NoHo is one of Manhattan’s most coveted submarkets—known for its landmark buildings, high foot traffic, and proximity to NYU. The area has long been a magnet for creative professionals, boutique firms, and cultural institutions.
Nearby Attractions & Notables:
- NYU's Washington Square campus
- The Public Theater
- Great Jones Street and Bond Street—known for design-forward retail and architecture
- SoHo retail district just steps away
Neighborhood Highlights:
- Thriving creative and tech office market
- Historic charm with cast-iron and pre-war facades
- Strong demand for boutique commercial spaces
- Walkability to East Village, Greenwich Village, and Union Square
NoHo’s location and limited supply of full-building assets made 736 Broadway a compelling opportunity to repurpose space for modern office use while retaining architectural character.
Conclusion
The $8.7M sale of 736 Broadway is a testament to Bob Knakal’s ability to identify underutilized assets and position them for success in a competitive market. By facilitating the transition from residential to office use, Bob Knakal helped the buyer unlock new value while enabling the seller to exit with optimal pricing and timing.
Bob’s experience in repositioning and adaptive reuse was instrumental in guiding this transaction to completion in one of Manhattan’s most tightly held neighborhoods.
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Frequently Asked Questions
Q1: What type of property was 736 Broadway before the sale?
It was a residential building that was repositioned into an office property.
Q2: Where is 736 Broadway located?
The property is located in NoHo, Manhattan—between Astor Place and Waverly Place.
Q3: How much did the property sell for?
The sale price was $8,700,000.
Q4: What is the total square footage of the building?
The total buildable square footage is approximately 29,485 SF.
Q5: What made this property attractive for office conversion?
Its location in NoHo, generous layouts, and flexible zoning made it ideal for boutique office use.
Q6: Who facilitated the transaction?
Bob Knakal represented the seller and guided the transaction through to a successful close.
