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Successful Sale of 148-150 East 33rd Street in Kips Bay, Manhattan
Bob Knakal is proud to announce the successful sale of 148-150 East 33rd Street, a four-story residential property in Kips Bay, Manhattan, closed on January 7, 2021 for $9,000,000. Forkosh Development Group acquired the property with the intention to convert it into a school facility, reflecting the area's evolving demand for institutional uses within residential blocks.
This unique repositioning opportunity stood out for its wide frontage, deep lot, and zoning flexibility—all vital characteristics for institutional conversion.
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Sale Details
Bob Knakal arranged the transaction between the Wolf Family, longtime owners of the property, and Alex Forkosh of Forkosh Development Group. The sale price equated to $340.91 per buildable square foot, based on 26,400 BSF.
Key transaction details include:
- Sale Price: $9,000,000
- Price per BSF: $340.91
- Buyer: Forkosh Development Group
- Seller: Wolf Family
- Seller Type: Private Family
- Sale Date: January 7, 2021
- Asset Class: Development (School Conversion)
- Lot Dimensions: 44 x 122 ft
- Stories: 4
Property Details
Situated on East 33rd Street between Lexington and Third Avenues, the site sits in the heart of Kips Bay, one of Manhattan’s most accessible residential and institutional corridors.
Property Address: 148-150 East 33rd Street, New York, NY 10016
Zoning: Flexible for residential, community facility, or institutional use
Investment Highlights:
- Four-story structure with strong conversion potential
- 44-foot wide frontage—ideal for school entry and ADA compliance
- Deep 122-foot lot allows for flexible space planning
- Total buildable square footage: 26,400 SF
Market Strategy and Positioning
As Kips Bay continues to grow into a mixed-use hub for both healthcare and education, this property’s potential for school conversion aligned perfectly with local demand. Bob Knakal and the Bob’s team positioned the site as a generational opportunity for an institutional buyer or developer looking to enter a strong educational submarket.
The team leveraged longstanding relationships and a patient, consultative approach to facilitate a smooth closing despite varied perspectives within the seller group.
Neighborhood Overview
Kips Bay is an evolving Manhattan neighborhood known for its mix of residential buildings, healthcare institutions, and schools. It offers easy access to Midtown Manhattan, Grand Central Terminal, and the East River Greenway.
Notable Nearby Highlights:
- NYU Langone Medical Center
- AMC Kips Bay Theater
- Baruch College
- Multiple MTA subway lines and M34 bus service
Conclusion
The sale of 148-150 East 33rd Street showcases Bob’s expertise in guiding complex transactions involving family ownership, institutional repositioning, and niche buyer demand. With Bob Knakal’s consistent market insight and strategic patience, the seller achieved full value in a shifting market.
Testimonials
“Thanks Bob. It’s always a pleasure working with you and your team. You have the patience of a saint. We look forward to closing more deals together when the time is right. Hopefully sooner than later.”
— Jeffrey Wolf
"Thanks for all your help and guidance throughout the years, Bob. I appreciate your patience. You're a good soul to put up with the various perspectives of our partnership group."
— Pamela Wolf
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Frequently Asked Questions
Q1: What type of development is planned for 148-150 East 33rd Street?
A school conversion is planned for the site, repurposing the four-story residential structure to meet institutional use needs.
Q2: Why was this site suitable for educational use?
The wide frontage, deep lot, and proximity to public transportation made it an ideal candidate for school conversion.
Q3: Is this property in a designated historic or landmark district?
No, the property is not located within a historic or landmark district, allowing for greater flexibility in redevelopment.
