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BKREA arranged the $14 million sale of 21-23 West 45th Street, a covered-land development opportunity in Midtown Manhattan. The transaction closed on September 16, 2026, with Bob Knakal, Jas Saini, Nick Tuleu, and Julia Perrone of BKREA exclusively representing the seller. The two-lot assemblage offers approximately 50,210 square feet of as-of-right zoning floor area in one of New York City's most established commercial districts.
Located between Fifth Avenue and Avenue of the Americas, the property combines existing commercial occupancy with significant future development potential. Its flexible zoning, 50 feet of frontage, and proximity to Bryant Park, Times Square, Rockefeller Center, and Grand Central Terminal make it an attractive opportunity for investors evaluating long-term redevelopment strategies.
The sale demonstrates continued investor interest in strategically located development opportunities in Manhattan's core commercial market.
The 5,021-square-foot lot offers approximately 50,210 square feet of as-of-right zoning floor area, with potential for up to 60,252 square feet under applicable zoning provisions.
The property sits near Bryant Park, Fifth Avenue, Times Square, Rockefeller Center, and Grand Central Terminal, offering access to major commercial, retail, hospitality, and transportation hubs.
The site includes existing commercial buildings totaling approximately 23,374 square feet, allowing investors to evaluate existing tenancy alongside future redevelopment potential.
Bob Knakal, Jas Saini, Nick Tuleu, and Julia Perrone exclusively represented the seller, showcasing BKREA's expertise in investment sales and development site transactions.
The sale of 21-23 West 45th Street highlights the value of identifying development opportunities in established urban markets where land availability is limited. The combination of existing tenancy, flexible zoning, and substantial buildable area creates multiple considerations for investors evaluating current income and long-term development potential.
The transaction reinforces the importance of strategic positioning, detailed zoning analysis, and experienced brokerage representation in achieving successful outcomes for property owners in New York City's competitive investment sales market.
The property sold for $14 million, with the transaction closing on September 16, 2026.
The property is located on West 45th Street between Fifth Avenue and Avenue of the Americas in Midtown Manhattan.
The site provides approximately 50,210 square feet of as-of-right zoning floor area, with potential for up to 60,252 square feet under applicable zoning provisions.
A covered-land opportunity combines existing property operations or tenancy with the potential for future redevelopment, allowing investors to consider both current income and long-term development value.
Bob Knakal, Jas Saini, Nick Tuleu, and Julia Perrone of BKREA exclusively represented the seller.
The sale demonstrates how strategic location, existing tenancy, zoning flexibility, and development potential can contribute to investor interest in Manhattan real estate.
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