Successful Sale of 245 East 53rd Street in Midtown East, Manhattan
Bob Knakal successfully arranged the sale of 245 East 53rd Street, a six-story development site in Midtown East, Manhattan, for $5,400,000. The transaction closed on April 27, 2016, marking a significant opportunity for development in one of New York City’s most active submarkets.
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Sale Details
The sale of 245 East 53rd Street highlights the strong demand for Midtown East development sites.
- Sale Price: $5,400,000
- Price per Buildable Square Foot (BSF): $537.74
- Buyer: Natan Vinbaytel
- Seller: Marty Lundy, Gould Investors
- Seller Type: Private Seller
- Closing Date: April 27, 2016
- Asset Class: Development
Key Highlights:
- Prime Midtown East location
- Flexible development potential with over 10,000 BSF
- Six-story structure on a 2,510 SF lot
Property Details
The property at 245 East 53rd Street, New York, NY 10022, sits on the south side of East 53rd Street between Second Avenue and Third Avenue, in the heart of Midtown East.
- Lot Size: 2,510 square feet
- Total Buildable Square Footage: 10,042
- Stories: 6
- Price per SF/BSF: $537.74
- Building Configuration: Development site with strong repositioning potential
Investment Highlights:
- Well-situated for residential or mixed-use development
- Located within a thriving Midtown East corridor
- Surrounded by both luxury residential and office buildings
- Walkable to multiple transportation hubs, including the Lexington Avenue/53rd Street subway station
Market Strategy and Positioning
At the time of sale, Midtown East remained one of Manhattan’s strongest real estate markets, with a mix of residential, office, and hospitality development driving demand. The property’s generous buildable square footage and central location aligned with broader market trends favoring vertical redevelopment in dense, transit-accessible neighborhoods.
Neighborhood Overview
Midtown East is known for its blend of business and residential appeal, offering both world-class office towers and vibrant community living.
- Strong Business District: The neighborhood is home to many Fortune 500 headquarters, attracting investors seeking long-term stability.
- Transportation Access: Multiple subway lines, Grand Central Terminal, and proximity to the Queensboro Bridge make the location highly accessible.
- Lifestyle Amenities: Restaurants, shopping, and cultural institutions are all within walking distance, adding to the area’s desirability.
- Residential Demand: The mix of luxury rentals and condos continues to attract both international investors and local residents.
Notable Nearby Attractions:
- Rockefeller Center
- Grand Central Terminal
- United Nations Headquarters
- Park Avenue corporate corridor
Conclusion
The sale of 245 East 53rd Street underscores the continued strength of Midtown East as a hub for both investment and development. With over 10,000 buildable square feet, the property offered a rare opportunity in a prime Manhattan corridor. Bob Knakal ’s expertise and market knowledge ensured a smooth transaction that positioned both buyer and seller for success.
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Frequently Asked Questions
Q1: What type of property is 245 East 53rd Street?
It is a six-story development site offering more than 10,000 buildable square feet, making it suitable for residential or mixed-use redevelopment.
Q2: How much did 245 East 53rd Street sell for?
The property sold for $5,400,000 on April 27, 2016, at a price of $537.74 per buildable square foot.
Q3: Where exactly is the property located?
The building is located on the south side of East 53rd Street, between Second Avenue and Third Avenue, in the heart of Midtown East, Manhattan.
Q4: What makes this property attractive to developers?
Its prime Midtown East location, close to transit and surrounded by residential and commercial demand, provides strong potential for vertical redevelopment.
Q5: What is the size of the lot and building?
The property sits on a 2,510-square-foot lot and allows for 10,042 buildable square feet under current zoning.
Q6: Why is Midtown East considered a desirable neighborhood for investment?
Midtown East combines world-class office towers, residential demand, and excellent transportation access, making it one of the most stable and sought-after real estate submarkets in Manhattan.
