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Successful Sale of 7 East 47th Street in Midtown East, Manhattan
Bob Knakal successfully closed the sale of 7 East 47th Street, a commercial property featuring retail and user space in the heart of Midtown East, Manhattan. Located steps from Fifth Avenue, the building was owned by American Blueprint Corporation and had long served as their headquarters. This transaction marked a key moment for the seller, who sought a capable and trustworthy broker to guide them through the sale.
This deal was facilitated by Bob Knakal, Chairman, with full support from the team at the time of sale. The Midtown East submarket's strong appeal and the building's location near Grand Central Station contributed to the sale’s success.
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Sale Details
The property was sold for $1,700,000 on March 5, 1996, translating to approximately $141.67 per square foot based on the 12,000 buildable square feet.
- Buyer: Jack Elo (Corp HQ)
- Seller: Santa Legano, American Blueprint Corporation
- Seller Type: Corporation
- Asset Type: Commercial, Retail, User
Highlights of the Sale:
- Closed at $1.7M
- Located steps from Fifth Avenue
- Ideal for owner-user buyers
- Strategically positioned in Manhattan's business core
Property Details
Situated midblock on East 47th Street between Madison and Fifth Avenues, 7 East 47th Street lies at the epicenter of Midtown East—a high-demand submarket that serves as a central hub for both local and international business activity.
Full Address: 7 East 47th Street, New York, NY 10017
Key Investment Features:
- Year Sold: 1996
- Stories: Multiple (building details not specified)
- Buildable Square Footage: 12,000 SF
- Zoning: Commercial (specific zoning not provided)
- Property Use: Ground-floor retail with commercial user space
Market Strategy and Positioning
At the time of sale, Midtown East remained one of Manhattan’s most coveted commercial districts due to its proximity to major transit options and corporate headquarters. The building’s user-friendly configuration and ground-floor retail potential made it particularly attractive for buyers seeking long-term operational use or a branded headquarters location.
Bob Knakal’s approach focused on identifying and targeting corporate users who valued location, accessibility, and control of their own commercial space—ultimately resulting in a deal with an end-user buyer.
Neighborhood Overview
Midtown East is one of Manhattan’s most powerful business districts, bordered by Fifth Avenue to the west and the East River to the east. It is home to numerous corporate headquarters, world-class hotels, and iconic landmarks like the Chrysler Building and Grand Central Terminal.
Midtown East Highlights:
- Global Connectivity: Steps from Grand Central Terminal, providing unmatched access to Metro-North and subway lines.
- Corporate Prestige: Surrounded by Class A office towers, luxury hotels, and Fortune 500 tenants.
- Retail Foot Traffic: Vibrant foot traffic from tourists and office workers, supporting ground-floor retail demand.
- Architectural Mix: Historic and modern buildings side-by-side, creating a dynamic and visually compelling environment.
Conclusion
The sale of 7 East 47th Street underscores Bob Knakal’s consistent ability to deliver tailored solutions for property owners. This user-oriented commercial asset was sold at a competitive price within a demanding market, reflecting Bob’s professionalism, long-term client rapport, and understanding of New York’s submarket dynamics.
Testimonial
“I am not a real estate professional so when it became time to sell my building, I wanted someone I could trust and who was a nice person. Bob Knakal sent me real estate market information for years and would call me all the time without pestering me so when I decided to sell my building, I didn’t even talk to anyone else. If you want a broker who is highly capable, works very hard and is an extraordinarily nice person, then Bob is your man!”
— Santa Legano, American Blueprint Corporation
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Frequently Asked Questions
Q1: What kind of property is 7 East 47th Street?
It is a commercial property with retail and user space, formerly the headquarters of American Blueprint Corporation. It’s ideal for owner-users or businesses seeking a standalone Midtown presence.
Q2: Where exactly is the property located?
7 East 47th Street is located between Madison and Fifth Avenues, placing it at the heart of Midtown East—just steps from Grand Central Station and surrounded by office towers and retail.
Q3: Why was this property attractive to buyers?
The property’s central location, 12,000 SF of buildable space, and potential for owner occupancy made it highly appealing, particularly to users seeking control of their commercial space in a core business area.
