Successful $1.8 Million Sale of 253-255 West 47th Street in Midtown West Manhattan

Bob Knakal successfully arranged the sale of 253-255 West 47th Street, a prime Midtown West development site just steps from Times Square. The property was sold for $1,800,000 to investor Lawrence Friedland, who acquired it from Robert A. Rapuno of BSB Corp. Once a surface parking lot, the site was later developed into a standalone retail building for a fast-food user—an ideal use for its high-traffic, high-visibility location.

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Sale Details of the Times Square Development Site

This transaction reflects the strong market appetite for compact, high-exposure development parcels in Times Square, one of the most recognized commercial intersections in the world. The deal achieved $180 per buildable square foot, highlighting investor confidence in Manhattan’s enduring retail core even in the late 1980s market cycle.

Key Sale Highlights:

• Sale Price: $1,800,000
• Buyer: Lawrence Friedland
• Seller: Robert A. Rapuno, BSB Corp.
• Asset Class: Development Site
• Sale Date: September 30, 1987
• Price per Buildable SF: $180

Transaction Insights:
Located in Midtown West near Times Square, the site offered 10,000 buildable square feet and excellent exposure for pedestrian and vehicular traffic. The property was ultimately redeveloped into a fast-food retail building, aligning with the area’s 24-hour commercial energy.

Prime Property Details of 253-255 West 47th Street

Situated between Broadway and Eighth Avenue, the property lies in the heart of Midtown West’s entertainment and retail corridor. At the time of sale, the 5,000-square-foot lot functioned as a parking area with 2.0 FAR remaining, providing 10,000 buildable square feet ideal for vertical development in one of New York City’s busiest zones.

Key Property Facts:

• Lot Dimensions: 50 ft x 100 ft (5,000 SF)
• Buildable Area: 10,000 SF (2.0 FAR retained)
• Stories: 0 at sale (development site)
• Building Use: Retail (fast-food user post-development)
• Borough: Manhattan

Investment Highlights:

• Core location near Times Square and major subway lines
• High visibility and pedestrian volume ideal for retail tenants
• Stable, long-term retail demand and global exposure
• Surrounded by hotels, theaters, and restaurant destinations

Market Strategy and Positioning Behind the Sale

In 1987, Midtown West was evolving into a dynamic commercial and entertainment hub, with Times Square drawing increasing corporate and retail investment. This sale represented a forward-looking strategy—securing a small yet high-impact lot positioned for retail development in one of the city’s most trafficked zones.

By emphasizing visibility, accessibility, and brand potential, Bob Knakal’s team positioned the site to attract developers seeking compact, income-producing properties. The resulting transaction price of $180 per buildable square foot reflected both market momentum and the strategic significance of Times Square’s retail landscape.

Why Times Square and Midtown West Are Ideal for Retail Investment

Few places in the world rival Times Square’s combination of visibility, foot traffic, and global recognition. The Midtown West area merges commerce, tourism, and entertainment—making it a magnet for both investors and brands seeking 24/7 exposure.

Neighborhood Highlights:

• Times Square: One of the most visited commercial intersections globally, with unmatched foot traffic.
• Broadway Theater District: Home to world-renowned productions and entertainment venues.
• Port Authority Bus Terminal: Provides direct access to commuters across the tri-state area.
• Restaurant Row on West 46th Street: Features a diverse selection of dining destinations for locals and tourists alike.

The property’s location at 253-255 West 47th Street benefits from constant pedestrian flow, vibrant energy, and proximity to landmark attractions—making it an optimal choice for fast-food, retail, or experiential tenants.

Conclusion: Strategic Development Sale in Midtown West

The sale of 253-255 West 47th Street demonstrates Bob Knakal’s expertise in identifying high-potential development opportunities in Manhattan’s most competitive submarkets. By strategically marketing a compact site with superior visibility, Knakal achieved a premium price and paved the way for successful retail redevelopment.

This transaction remains a testament to the enduring strength of Midtown West’s retail and mixed-use market, where brand presence, location, and 24-hour activity continue to drive long-term value.

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Frequently Asked Questions About 253-255 West 47th Street Sale

Q1: What type of property was sold at 253-255 West 47th Street?
The property was a 5,000-square-foot surface parking lot that offered 10,000 buildable square feet (2.0 FAR retained). It was later developed into a retail building for a fast-food user, benefiting from its heavy pedestrian traffic and high visibility.

Q2: Who purchased and sold the property?
The buyer was Lawrence Friedland, a notable New York real estate investor. The seller was Robert A. Rapuno of BSB Corp., a local property owner active in Midtown during that period.

Q3: What made the property attractive to the buyer?
Its location near Times Square, constant foot traffic, visibility to both pedestrians and vehicles, and long-term retail demand made it an ideal acquisition for redevelopment into a branded retail use.

Q4: How large was the buildable area of the site?
The property offered 10,000 buildable square feet, based on the 2.0 FAR retained after the sale of a portion of its air rights, allowing for a two-story retail structure.

Q5: What is located on the site today?
After redevelopment, the site was transformed into a retail property for a fast-food tenant, leveraging its proximity to Broadway theaters, hotels, and the high-volume Times Square corridor.

Q6: Why is Midtown West considered a prime investment area?
Midtown West combines proximity to corporate offices, world-famous entertainment venues, and international tourism. It offers unparalleled visibility, making it a resilient market for both retail and mixed-use developments.

Q7: How does this sale reflect market trends in Times Square?
The 1987 sale signaled growing confidence among investors in Times Square’s transformation from a tourist hub to a core commercial destination. The strong price per buildable square foot showed early recognition of the area’s potential for steady, high-revenue retail occupancy.

Q8: What investment strategy did Bob Knakal apply to this transaction?
Knakal leveraged the property’s compact size, exceptional exposure, and redevelopment potential to target buyers seeking income-producing urban parcels. His marketing highlighted the site’s unique ability to deliver consistent retail traffic and long-term tenant stability.

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