Successful Sale of 113-117 West 24th Street in Chelsea, Manhattan
Bob Knakal and his team successfully arranged the sale of 113-117 West 24th Street, a prime development site in the heart of Chelsea. The property, formerly held by Extell Development under Gary Barnett, was sold for $67,500,000 to the Lam Group. The planned use conversion—from residential townhouse to an educational institution—was a central component of the site's long-term value proposition.
The deal reflects the continuing evolution of Chelsea as a dynamic mixed-use neighborhood where educational and cultural institutions thrive alongside residential and commercial development.
Conversion Properties - For the complete list click here Conversion Properties
Sale Details
The sale of this key Chelsea development site closed on August 8, 2013, and included 268,994 buildable square feet, yielding a price per BSF of $250.93. The site comprises two buildings and is ideally suited for institutional development given its central location and scale.
Transaction Highlights:
- Sale Price: $67,500,000
- Price per BSF: $250.93
- Buyer: Lam Group
- Seller: Gary Barnett, Extell Development
- Seller Type: Developer
- Sale Date: August 8, 2013
- Asset Class: Development
- Planned Conversion: From Residential Townhouse to School
Property Details
Located on West 24th Street between Sixth and Seventh Avenues, this site benefits from Chelsea’s reputation as one of Manhattan’s most vibrant neighborhoods. With nearly 270,000 buildable square feet, the scale and location make it ideal for a high-quality school or institutional use.
Full Address: 113-117 West 24th Street, New York, NY 10001
Investment Highlights:
- Prime Chelsea location near Sixth Avenue
- Substantial buildable square footage: 268,994 BSF
- Conversion use: Planned school development
- Close proximity to transit and community resources
Market Strategy and Positioning
This transaction capitalized on a growing demand for institutional-use development in core Manhattan neighborhoods. Chelsea’s blend of high-income residential population, robust transportation access, and cultural capital made it a top contender for school and educational infrastructure expansion. Bob's team leveraged this market positioning to attract buyers aligned with that vision.
Neighborhood Overview
Chelsea is one of Manhattan’s most architecturally and culturally diverse neighborhoods, offering both aesthetic charm and modern convenience. It's home to a growing number of educational facilities, museums, galleries, and residential developments.
Key Neighborhood Highlights:
- Within walking distance to Penn Station and the 23rd Street subway lines
- Surrounded by major cultural institutions and tech offices
- High-density residential community with strong demand for private schools
- Vibrant retail corridors along Sixth and Seventh Avenues
Conclusion
The sale of 113-117 West 24th Street represents a strategic shift in Chelsea’s real estate landscape—from residential townhouse potential to institutional development. Bob played a central role in identifying the highest and best use for the property, attracting qualified buyers, and executing the transaction at optimal value.
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
Q1: What is the planned use for 113-117 West 24th Street?
The property is expected to be converted from its original residential townhouse potential into a school.
Q2: Why is Chelsea a strong location for educational institutions?
Chelsea offers a dense, high-income residential base, excellent transit access, and cultural amenities, making it attractive for school development.
Q3: How large is the development potential for this site?
The site has approximately 268,994 buildable square feet, making it ideal for a sizable institutional or school facility.
