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Successful Sale of 214 East 49th Street in Turtle Bay, Manhattan
Bob Knakal successfully facilitated the sale of 214 East 49th Street, a three-unit user-friendly office building located in the highly sought-after Turtle Bay enclave of Midtown East, Manhattan. This prime property drew attention for its manageable size, versatile layout, and accessibility, making it an ideal acquisition for owner-users or boutique office operators.
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Sale Details
The transaction closed on August 22, 1989, at a sale price of $2,230,000—equating to $301.35 per square foot across the property’s 7,400 SF.
- Buyer: Okazaki America, Inc. (Corp.)
- Seller: Ben Odierrno
- Asset Class: Office, User
- Sale Price: $2,230,000
- Price per SF: $301.35
- Date Closed: August 22, 1989
Key Transaction Highlights:
- Rare three-unit office building sale in the heart of Midtown East
- User-friendly layout ideal for boutique operations or professional firms
- Solid price point below replacement cost
- Opportunity for value appreciation in a highly stable submarket
Property Details
Located on East 49th Street between Second and Third Avenues, 214 East 49th Street sits at the center of Turtle Bay—a tree-lined district known for its proximity to the United Nations, diplomatic missions, and prestigious office towers.
- Full Address: 214 East 49th Street, New York, NY 10017
- Borough: Manhattan
- Neighborhood: Turtle Bay, Midtown East
- Block / Lot: 1322 / 43
- Zoning: Commercial / Office Use
- Building Size: 7,400 SF
- Number of Units: 3
- Year Built: 1989
- Building Type: Mid-size office building
- Stories: Not disclosed, but consistent with mid-rise properties in the area
Investment Highlights:
- Built in 1989—offering updated systems and infrastructure
- Ideal for a user or investor seeking stable occupancy in a prime Midtown locale
- Just blocks from Grand Central Terminal and multiple subway lines
- Walking distance to the UN and consulates, providing strong demand from international tenants
Market Strategy and Positioning
At the time of the sale, Midtown East remained one of Manhattan’s strongest submarkets for office space, with demand consistently outpacing supply, particularly among owner-users seeking smaller, manageable properties.
The positioning of 214 East 49th Street as a turnkey office-user property gave it a strategic edge, attracting interest from corporations looking for headquarters presence in close proximity to the UN and major commercial corridors. Bob Knakal’s expertise in user-driven sales helped identify and secure the optimal buyer through targeted outreach and a focused marketing campaign.
Neighborhood Overview
Turtle Bay is a refined and professional neighborhood tucked within Midtown East, offering a calm and elegant atmosphere in the heart of Manhattan. Known for its unique blend of residential charm and business convenience, it’s home to diplomats, executives, and professionals.
Notable Nearby Highlights:
- United Nations Headquarters
- Grand Central Terminal
- Dag Hammarskjöld Plaza
- High-end dining on 2nd Avenue
Key Neighborhood Features:
- Central location with easy access to public transportation
- Strong office-user demand from diplomatic and international communities
- Stable property values in a well-established submarket
- Surrounded by a mix of cultural institutions and professional services
Conclusion
The successful sale of 214 East 49th Street highlights the continued demand for user-oriented office buildings in Midtown East and underscores Bob Knakal’s effectiveness in matching the right buyers with uniquely positioned assets. The transaction reflects the strength of Turtle Bay as a destination for professional users and the ability of well-located properties to attract competitive interest even in shifting markets.
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Frequently Asked Questions
Q1: What type of property is 214 East 49th Street?
It is a mid-size office building designed for user occupancy, offering three distinct units across 7,400 square feet.
Q2: What makes 214 East 49th Street attractive to buyers?
Its user-friendly layout, prime Turtle Bay location, and proximity to international institutions like the United Nations make it highly appealing to boutique firms and owner-users.
Q3: Is this property part of a historic district or does it have zoning restrictions?
No, 214 East 49th Street is not located in a designated historic district and is zoned for commercial office use, making it flexible for a variety of professional tenants or owners.
