Successful Sale of 241 East 51st Street in Midtown East, Manhattan
Bob Knakal and his team successfully closed the sale of 241 East 51st Street, a well-located office building in Midtown East, Manhattan. Representing Jeff Dell Enterprises Inc., a high-net-worth seller, Bob facilitated the sale to Chosen People Ministries, a respected non-profit organization.
The property’s prime Midtown East location, combined with its 4,400 rentable square feet, made it a valuable asset in Manhattan’s competitive office market. Bob Knakal’s leadership and diligent team ensured the transaction progressed smoothly and protected the seller’s interests at every stage.
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Sale Details
The office building sold for $2,300,000, reflecting a price of $522.73 per square foot. This transaction was finalized on June 7, 1999, between Jeff Dell Enterprises Inc. and Chosen People Ministries.
Key sale highlights:
- Sale Price: $2,300,000
- Price per SF: $522.73
- Buyer: Chosen People Ministries (Non-Profit)
- Seller: Jeff Dell Enterprises Inc. (High-Net-Worth Individual)
- Sale Date: June 7, 1999
- Asset Class: Office, User
Property Details
Situated at 241 East 51st Street, between Second and Third Avenues, this office building is part of the highly desirable Midtown East submarket in Manhattan. Midtown East is well-known for its dense cluster of office towers, excellent transit access, and proximity to major business landmarks.
Full Address:
241 East 51st Street, New York, NY 10022
Investment highlights include:
- Year Built: 1999
- Total Rentable Area: 4,400 SF
- Single building on lot
- Office building suited for user-occupiers
- Zoned for commercial office use
The building’s compact size and prime location make it an ideal property for organizations seeking presence in Midtown East.
Market Strategy and Positioning
At the time of sale, Midtown East’s office market exhibited strong demand from tenants and owner-users looking for accessible and modern spaces. This property aligned well with these market trends, offering a manageable footprint in one of Manhattan’s top commercial neighborhoods. The buyer’s acquisition reflects strategic positioning to capitalize on Midtown East’s robust office environment.
Neighborhood Overview
Midtown East is recognized as one of Manhattan’s premier business districts, with several key features:
- Proximity to Grand Central Terminal, providing excellent transit options
- Close to the United Nations Headquarters
- A thriving concentration of law firms, financial services, and corporate offices
- Numerous retail, dining, and service amenities supporting the daytime workforce
This neighborhood continues to attract office tenants due to its unbeatable accessibility and vibrant commercial atmosphere.
Conclusion
The sale of 241 East 51st Street highlights Bob Knakal’s commitment to delivering outstanding client service and market expertise. This office building’s excellent location and size attracted a non-profit user, while Bob’s integrity and hard work ensured a transaction that fully protected the seller’s interests and achieved a strong financial outcome.
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Frequently Asked Questions
Q1: What is the total square footage of the building at 241 East 51st Street?
The office building totals 4,400 rentable square feet.
Q2: Who purchased the property?
Chosen People Ministries, a non-profit organization, acquired the property.
Q3: What makes Midtown East an attractive location for office buildings?
Midtown East offers excellent transit connections, proximity to major business hubs like the UN, and a vibrant commercial environment with many corporate tenants.
