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Successful Sale of 26-30 West 18th Street & 31 West 17th Street in Flatiron, Manhattan
Bob Knakal successfully closed the sale of 26-30 West 18th Street and 31 West 17th Street, a unique garage and user building with significant development potential located in the heart of Flatiron, Manhattan. The asset, spanning two buildings and a total of 98,000 buildable square feet, presented a compelling opportunity for institutional buyers, ultimately acquired by The New School.
This noteworthy transaction reflects the strategic approach and market expertise of Bob Knakal and the team, who guided the seller, Irbil Realty Co. along with Steve Green and Howard Waxman, through the entire sale process.
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Sale Details
This rare development and user asset sold for $8,200,000 on November 21, 2000, translating to approximately $83.67 per buildable square foot.
Buyer: The New School
Seller: Irbil Realty Co., Steve Green, and Howard Waxman
Seller Type: Private Investor
Asset Class: Development Site, Garage, User Building
Property Size: 98,000 Buildable Square Feet
Highlights:
- Located across two addresses: 26-30 West 18th Street and 31 West 17th Street
- Combined through a strategic sale process
- Exceptional development upside in a high-demand Manhattan corridor
- Sold to a premier institutional user
Property Details
Positioned midblock on both West 18th Street and West 17th Street, the property lies between Fifth Avenue and Sixth Avenue, just steps from Union Square and Madison Square Park. The parcel is in Manhattan’s Flatiron District, known for its rich blend of commercial, educational, and cultural institutions.
Full Address: 26-30 West 18th Street & 31 West 17th Street, New York, NY 10011
Zoning: Permits redevelopment with 98,000 buildable square feet
Lot Dimensions: 75 ft x 84 ft
Total BSF: 98,000
Stories: 1
Buildings on Lot: 2
Key Investment Highlights:
- Large development footprint in a prime Manhattan corridor
- 75 feet of street frontage across two properties
- Flexible zoning for a variety of uses including educational, institutional, or residential
- Sold to an end-user with a long-term mission-aligned use case
Market Strategy and Positioning
At the time of sale, the Flatiron District was experiencing strong growth, driven by demand for educational, institutional, and mixed-use space. Bob Knakal identified a unique angle by marketing the asset not only as a development opportunity but also as a long-term institutional user site. His positioning strategy drew interest from a targeted pool of qualified buyers, ultimately securing a deal that met the needs of both the seller and buyer.
The strategic bundling of the two lots—originally marketed separately—added value by unlocking broader development possibilities and simplifying the transaction structure for an institutional buyer.
Neighborhood Overview
Flatiron is one of Manhattan’s most vibrant and architecturally rich neighborhoods, offering a dynamic blend of historic charm and modern vitality. Known for its excellent walkability, strong retail corridors, and proximity to major transit hubs, the area continues to attract high-profile developments and institutional tenants.
Neighborhood Highlights:
- Just blocks from Union Square, Madison Square Park, and Fifth Avenue retail
- Surrounded by major tech and education hubs
- Served by multiple subway lines, including the F, M, L, N, Q, R, W, 4, 5, and 6 trains
- Home to a mix of pre-war loft conversions and new development projects
Conclusion
The $8.2 million sale of 26-30 West 18th Street and 31 West 17th Street exemplifies Bob Knakal’s deep market insight and ability to maximize value for clients. Through tailored strategy, strong positioning, and consistent execution, Bob delivered a seamless transaction for the seller, while aligning the asset with a prominent institutional buyer.
Testimonial
"Bob delivered everything we thought he would and we are so pleased with the job that he did for us. We look forward to working with him on other sales."
— Howard Waxman, Parley Associates
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Frequently Asked Questions
Q1: What type of buyer acquired 26-30 West 18th Street and 31 West 17th Street?
A: The New School, a private academic institution, acquired the property for campus expansion.
Q2: What was the size of the combined lot?
A: The combined lot measured approximately 75 feet by 84 feet.
Q3: How many buildable square feet did the property offer?
A: The site offered approximately 98,000 buildable square feet (BSF).
Q4: What was the purchase price per square foot?
A: The price per buildable square foot was $83.67.
Q5: Why was this property attractive to The New School?
A: The location, size, and flexible zoning made it ideal for institutional expansion near their main campus.
Q6: What asset classes did this property fall under?
A: The property was classified as Development, Garage, and User.
