Successful Sale of 133-37 West 44th Street in Midtown East, Manhattan
Bob Knakal successfully arranged the sale of 133-37 West 44th Street, a three-story development property located in Midtown East, Manhattan. The property’s prime location in one of New York City’s most active commercial and hospitality corridors, combined with its substantial buildable square footage, made it an attractive acquisition opportunity.
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Sale Details
The property sold for $3,375,000 on June 7, 1997, translating to approximately $45 per buildable square foot across 75,000 buildable square feet.
- Sale Price: $3,375,000
- Buyer: Millennium Hotel Group, Harry Macklowe
- Seller: Newspaper Guild of America, William Shelley
- Seller Type: Corporation
- Property Type: Development Site
- Sale Date: June 7, 1997
Key Highlights:
- Prime Midtown East location near Times Square and Bryant Park
- Substantial development potential with 75,000 buildable square feet
- Positioned in a strong commercial and hospitality submarket
Property Details
Situated on the south side of West 44th Street, between Sixth Avenue and Broadway, the property is located at 133-37 West 44th Street, New York, NY 10036. This Midtown East address sits at the crossroads of Manhattan’s most vibrant business, hotel, and retail markets.
Investment Highlights:
- Lot Size: 60 x 100 feet
- Stories: 3-story structure
- Buildable Square Footage: 75,000 BSF
- Price per Buildable SF: $45
- Zoning: Development (high-density hotel and commercial potential)
Market Strategy and Positioning
The late 1990s Manhattan real estate market was characterized by strong investor interest in hotel and development sites, particularly in Midtown where demand for hospitality assets was rapidly rising. This site, with its proximity to Bryant Park and Times Square, aligned perfectly with market demand for high-density hotel projects. By positioning the property as a rare and scalable development opportunity, the seller was able to achieve competitive pricing reflective of its strategic location and redevelopment potential.
Neighborhood Overview
Midtown East is one of Manhattan’s most dynamic submarkets, offering a mix of commercial, retail, and hospitality developments that attract both global investors and local users.
Neighborhood Highlights:
- Times Square Proximity: Located steps away from one of the busiest tourist and commercial hubs in the world.
- Bryant Park Access: A premier Midtown destination offering green space, seasonal events, and cultural activities.
- Transit Convenience: Excellent access to multiple subway lines, Grand Central Terminal, and major bus routes.
- Hospitality Corridor: Surrounded by world-class hotels, theaters, and office towers catering to business and leisure travelers.
Vibrant and Historic: Midtown East continues to attract developers for its ability to combine historic character with modern high-density projects. The area is known for its strong rental demand, making it a premier location for hotel and commercial developments.
Conclusion
The sale of 133-37 West 44th Street represents a landmark transaction in the Midtown East submarket, underscoring the continued strength of development opportunities in Manhattan. With its ideal location, large buildable square footage, and alignment with market demand, the property demonstrated strong appeal to investors. Bob Knakal’s leadership and expertise played a pivotal role in structuring this transaction and positioning the asset for maximum value.
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Frequently Asked Questions
Q1: What type of property was sold at 133-37 West 44th Street?
The property was a three-story development site located in Midtown East, Manhattan, offering 75,000 buildable square feet for future redevelopment.
Q2: When was the sale of 133-37 West 44th Street completed?
The sale closed on June 7, 1997, during a period of heightened demand for hotel and development sites in Midtown Manhattan.
Q3: How much did the property sell for?
The property sold for $3,375,000, which equated to $45 per buildable square foot.
Q4: What makes this property attractive to investors?
Its prime Midtown East location near Times Square and Bryant Park, combined with significant development potential, made it a highly desirable acquisition for hotel or commercial use.
Q5: What are the lot dimensions of the property?
The property’s lot measured 60 x 100 feet, providing a strong footprint for large-scale development.
Q6: Why is Midtown East a desirable location for development?
Midtown East offers unmatched connectivity, vibrant retail and hospitality markets, and proximity to major attractions, making it a consistent draw for both developers and tenants.
