Successful Sale of 307 East 56th Street in Midtown East, Manhattan
Bob Knakal successfully arranged the sale of 307 East 56th Street, a walk-up multifamily building located in the heart of Midtown East, Manhattan. The property, which had been owned by the same family for decades, was sold for $1,750,000 in a transaction that closed on January 17, 1989. This user-occupied building was acquired by the Federal Bureau of Investigations, represented by Bradley Nitkin.
With 4,800 square feet across four units, this property offered a rare combination of end-user appeal and long-term value, situated in one of Manhattan’s most well-established residential pockets. Bob Knakal’s consistent communication and deep understanding of the Midtown East submarket played a key role in helping the seller, Elieba Levine, secure a favorable outcome.
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Sale Details
The final sale price was $1,750,000, equating to approximately $364.58 per square foot.
The transaction involved:
- Buyer: Federal Bureau of Investigations, represented by Bradley Nitkin
- Seller: Elieba Levine
- Sale Date: January 17, 1989
Property Highlights:
- Four residential units
- Walk-up configuration
- Ideal for government or end-user occupancy
- Rare offering in a tightly held submarket
Property Details
Located at 307 East 56th Street, the property sits between 1st and 2nd Avenues in the desirable Midtown East neighborhood of Manhattan. This quiet, tree-lined block offers a mix of residential charm and proximity to bustling commercial corridors.
Address: 307 East 56th Street, New York, NY 10022
Submarket: Midtown East
Key Investment Features:
- Year Built: Pre-war structure
- Square Footage: 4,800 SF
- Units: 4 residential units
- Building Class: Walk-Up Multifamily, User-Occupied
Market Strategy and Positioning
Midtown East has long been one of Manhattan’s most stable submarkets, offering a blend of residential and institutional appeal. At the time of sale, properties in this area were increasingly attractive to government agencies and users seeking strategic proximity to Midtown’s commercial corridors.
Bob Knakal’s approach was relationship-driven. Having built trust with the owner over years of consistent updates and market reporting, Bob was the seller’s only call when the decision to sell was made. His understanding of the block and his network allowed him to identify a unique buyer in the FBI—an end-user whose mission aligned with the building's size and configuration.
Neighborhood Overview
Midtown East is a prestigious and central Manhattan neighborhood, known for its elegant residential blocks and proximity to major business and diplomatic institutions. The area is especially desirable for users who want a quiet, secure environment with seamless access to Midtown.
Neighborhood Highlights:
- Close to the United Nations Headquarters
- Easy access to Lexington Avenue and 59th Street retail corridors
- Convenient to E/M/6 subway lines at Lexington Ave/53rd St
- Near iconic landmarks like the Bloomberg Tower and Sutton Place
Conclusion
The sale of 307 East 56th Street reflects the power of market expertise, trust-based client relationships, and deep local knowledge. Bob Knakal’s ongoing communication with the seller and understanding of Midtown East’s buyer pool led to a successful transaction with a federal end-user. This sale underscores Bob’s continued success in guiding clients through strategic sales across Manhattan’s most competitive neighborhoods.
Testimonial
"My father purchased our building many years ago and it has been a very important part of our family for decades. I never would have entrusted the sale to just any broker. Bob Knakal was the only broker I spoke to. For years he sent me reports on the market here and he called me all the time. His knowledge of the market is unparalleled and his passion for the business is obvious. Bob did an absolutely outstanding job for me on the sale of my building and I highly recommend him to anyone else that wants to sell a building in New York City and achieve spectacular results."
— Elieba Levine, Property Owner
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Frequently Asked Questions
Q1: How many units are in 307 East 56th Street?
The building consists of four residential units.
Q2: What made this property appealing to the buyer?
Its user-friendly layout, Midtown East location, and manageable size made it ideal for federal occupancy.
Q3: What was the price per square foot for this property?
The sale price equated to approximately $364.58 per square foot based on a 4,800 square foot building.
