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Successful Sale of 211-215 East 38th Street in Midtown South, Manhattan
Bob Knakal and his team successfully closed the sale of 211-215 East 38th Street, a three-building development site in Midtown South. The property, spanning 7,003 square feet with significant development potential, was sold for $36,000,000.
The transaction represented a strategic move in one of Manhattan’s most sought-after commercial corridors, emphasizing the strength of the Midtown South market for development opportunities.
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Sale Details
The sale of 211-215 East 38th Street was a result of a well-executed marketing strategy that positioned the property as a high-value development opportunity.
- Sale Price: $36,000,000
- Property Type: Development
- Sale Date: March 21, 2016
- Lot Size: 7,003 SF
- Buildable SF: 70,221
- Stories: 10
- Price per Buildable SF: $512.67
Bob Knakal and his team leveraged deep market knowledge to ensure the property was positioned competitively, leading to a successful sale in line with market demand.
Property Details
The site at 211-215 East 38th Street consisted of three adjacent buildings, creating a prime assemblage opportunity. Located in Midtown South, an area known for its strong commercial and residential appeal, the site was highly attractive for future development.
- Full Address: 211-215 East 38th Street, New York, NY
- Zoning: Development
- Buildings on Lot: 3
- Total Buildable Square Footage: 70,221 SF
Given the scale and potential of the property, it attracted significant interest from developers seeking a prime Midtown South location for a future mixed-use or residential project.
Market Strategy and Competitive Positioning
Bob Knakal’s approach involved:
- Highlighting the strong development potential of the site.
- Positioning the property within the broader Midtown South growth trend.
- Engaging a competitive pool of buyers to maximize sale value.
This strategic execution allowed the seller to capitalize on market conditions, securing an optimal price and favorable terms.
Neighborhood Overview
Midtown South is one of Manhattan’s most dynamic neighborhoods, known for:
- Prime Commercial and Residential Demand: The area attracts both developers and end-users.
- Proximity to Major Landmarks: Close to Grand Central Terminal, major office hubs, and a growing residential base.
- Ongoing Development Growth: Increasing interest in high-density projects.
The sale of 211-215 East 38th Street reinforced the area’s continued demand for quality development opportunities.
Conclusion
The $36,000,000 sale of 211-215 East 38th Street highlights Bob Knakal’s expertise in maximizing value for development sites in Midtown South. His strategic approach and market insight ensured a successful outcome, positioning the seller for optimal returns.
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