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Successful Sale of 256 West 52nd Street in Midtown West, Manhattan
Bob Knakal successfully brokered the sale of 256 West 52nd Street, a vacant retail and commercial building in the heart of Midtown West, Manhattan. The property was purchased for $1,200,000 by the Russian Samovar Restaurant, perfectly matching Bob’s early prediction that a restaurant operator would be the ideal end user for the site.
The building’s prime location, strong foot traffic, and close proximity to the Theater District made it an ideal fit for a restaurant or hospitality operator seeking visibility in a high-demand entertainment corridor.
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Sale Details
The transaction closed on April 10, 1996 for $1,200,000, equating to approximately $300 per square foot based on its 4,000 square feet of space. The seller, Oversea-Chinese Banking Corp LTD represented by J. Yeoh N. Lee, agreed to the sale following a comprehensive marketing campaign that targeted end-user buyers.
Highlights of the transaction include:
- Sale Price: $1,200,000
- Price per SF: $300.00
- Buyer: Russian Samovar Restaurant
- Seller: Oversea-Chinese Banking Corp LTD, J. Yeoh N. Lee
- Seller Type: Institutional, Bank
- Asset Class: Commercial, Retail, User
- Sale Date: April 10, 1996
Bob’s strategy from the outset was to focus on users rather than investors, given the building’s vacant status and poor condition. This approach generated competitive offers, with the highest coming from the eventual buyer—a restaurant operator, just as anticipated.
Property Details
Located at 256 West 52nd Street, New York, NY 10019, between Eighth Avenue and Broadway, the property is positioned in one of Midtown’s most vibrant commercial zones. Its proximity to major transit and iconic attractions makes it a prime retail destination.
Key investment highlights:
- Lot Size / Building Size: Approximately 4,000 square feet of retail/commercial space
- Stories: Low-rise commercial structure
- Use: Retail / Commercial user
- Zoning: Suited for retail and hospitality use in a high-density commercial district
Market Strategy and Positioning
In the mid-1990s, Midtown West was experiencing a surge in entertainment-driven demand due to the revitalization of the Theater District and the steady influx of tourists. Vacant properties in this area were especially attractive to restaurants, bars, and entertainment venues seeking high-exposure locations.
Recognizing this trend, Bob Knakal specifically targeted restaurant operators and hospitality groups, creating a tailored marketing program that emphasized location benefits, foot traffic patterns, and the area’s growing dining scene. This user-focused approach ultimately secured the best possible buyer and price for the seller.
Neighborhood Overview
Midtown West is one of Manhattan’s most dynamic and culturally rich areas, known for its constant energy and entertainment appeal. The neighborhood thrives on a blend of Broadway theaters, renowned dining establishments, and a steady flow of both tourists and locals.
Nearby attractions include:
- Broadway Theater District – Just steps away, offering unmatched visibility and customer flow.
- Carnegie Hall – A world-class performance venue drawing cultural audiences year-round.
- Times Square – One of the most visited attractions in the world, located within walking distance.
- Renowned Restaurants & Bars – An eclectic mix of dining experiences that support high customer turnover.
Conclusion
The sale of 256 West 52nd Street stands as a testament to Bob Knakal’s market foresight and his ability to match the right buyer to the right property. By anticipating the ideal user profile and executing a focused marketing campaign, Bob achieved a strong sale price and an optimal outcome for the seller.
Testimonial
"Bob Knakal did a great job for us selling the building at 256 West 52nd Street. The building was in terrible shape but, because it was vacant, Bob felt a user buyer would be the best buyer and—in fact—in our first meeting told us a restaurant operator would purchase the property. After an exhaustive marketing program, the highest offer we received was from a restaurant operator just as Bob predicted months earlier. We look forward to doing more business with Bob."
— J. Yeoh N. Lee, Oversea-Chinese Banking Corp LTD
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Frequently Asked Questions
Q1: What type of property is 256 West 52nd Street?
256 West 52nd Street is a low-rise commercial retail building in Midtown West, Manhattan. It was sold as a vacant structure ideal for user buyers, specifically hospitality and dining operators.
Q2: How large is the building?
The property measures approximately 4,000 square feet, offering enough space for a restaurant or similar retail use while maintaining a manageable footprint for a single operator.
Q3: Why was the building attractive to the Russian Samovar Restaurant?
Its prime location near the Theater District, consistent foot traffic, and high visibility made it a perfect match for a restaurant concept looking to attract both tourists and locals.
Q4: How much did the property sell for per square foot?
The sale price equated to $300 per square foot, a competitive rate at the time given the property’s location and potential.
