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Successful Sale of 727 Sixth Avenue in Chelsea, Manhattan
Bob Knakal successfully arranged the sale of 727 Sixth Avenue, a 6,000-square-foot commercial property in the vibrant Chelsea neighborhood of Manhattan. This strategic transaction involved the conversion of a ground-floor retail asset into a specialized medical office facility—a rare and highly sought-after use in this corridor.
Located on the west side of Sixth Avenue between West 23rd and West 24th Streets, the property attracted interest from niche users seeking high-visibility medical space in a neighborhood known for its density, diversity, and growth. The deal was led by Bob Knakal, with support from his team.
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Sale Details
The final sale price was $8,150,000, translating to approximately $1,358.33 per square foot.
The transaction was completed on July 12, 2013, between seller Robin Rice of the Sol Rice Revocable Trust, a non-profit, and buyer Back Kim of HeartVein NYC, a growing vascular medical practice seeking expansion in Manhattan.
Highlights:
- Sale Price: $8,150,000
- Price/SF: $1,358.33
- Buyer: Back Kim, HeartVein NYC
- Seller: Robin Rice, Sol Rice Revocable Trust
- Closed Date: July 12, 2013
- Property Use: Retail to Medical Office Conversion
- Asset Class: Commercial, Retail, Conversion
Property Details
The property at 727 Sixth Avenue, New York, NY 10010, is ideally positioned between West 23rd and West 24th Streets in the heart of Chelsea, one of Manhattan’s most dynamic submarkets. With zoning that accommodates medical office use and strong surrounding residential and commercial density, the site offered a compelling opportunity for conversion.
Key Investment Highlights:
- Located in Chelsea, a prime Manhattan neighborhood
- Submarket with high demand for medical office space
- Strong visibility and foot traffic on Sixth Avenue
- Total Building Size: 6,000 SF
- Units: 4
- Built for adaptability and prime corner visibility
Market Strategy and Positioning
Medical office conversions in Manhattan have become increasingly attractive due to demographic shifts and evolving healthcare needs. The Chelsea market, in particular, is underserved in terms of modern, street-level medical facilities.
Recognizing this opportunity, Bob Knakal positioned the asset as a unique fit for a medical user rather than a traditional investor. With few competing spaces of similar scale and visibility, the site offered end-users the opportunity to control their footprint in one of the city’s most foot-trafficked corridors. The property’s versatility and visibility provided added leverage during negotiations.
Neighborhood Overview: Chelsea, Manhattan
Chelsea is one of Manhattan’s most eclectic and in-demand neighborhoods, celebrated for its cultural institutions, thriving arts scene, and dense commercial-residential mix. The area seamlessly blends historic architecture with cutting-edge development, making it a magnet for both residents and businesses.
Nearby Attractions and Features:
- Just steps from Madison Square Park and The High Line
- Proximity to Flatiron, Hudson Yards, and Penn Station
- Anchored by major retailers, boutique fitness centers, and art galleries
- Home to a growing number of medical and wellness providers
Chelsea Description Highlights:
- Premier Manhattan destination with 24/7 activity
- Balanced residential and commercial tenancy
- High pedestrian counts and strong transportation access
- Emerging hub for boutique healthcare facilities
Conclusion
The sale of 727 Sixth Avenue underscores the importance of market insight and positioning in maximizing asset value. By identifying the untapped potential for medical office use in Chelsea, Bob Knakal and the team delivered a highly successful outcome for the seller while enabling the buyer to secure a valuable footprint in a competitive market.
Whether you're repositioning a retail asset or exploring adaptive reuse strategies in Manhattan, Bob’s track record in navigating complex conversion sales offers unmatched value.
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Frequently Asked Questions
Q1: What was the original use of 727 Sixth Avenue?
The building was originally used as a retail space before being converted into a medical office.
Q2: What made this property attractive to medical users?
Its street-level visibility, Chelsea location, and adaptable 6,000 SF layout made it ideal for a specialized medical practice.
Q3: What kind of medical use is operating there now?
HeartVein NYC, a vascular and vein treatment center, now operates from this location.
Q4: Is 727 Sixth Avenue part of a historic district?
No, the property is not located within a designated historic district, allowing greater flexibility in renovation and use.
Q5: How large is the building?
The property totals approximately 6,000 square feet across four units.
Q6: What zoning benefits did the buyer leverage?
The flexible commercial zoning allowed for the conversion from retail to medical office without significant entitlement hurdles.
