Bob Knakal Announces "The Ultimate Guide to Investment Property Conversion Sales in New York City

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In New York City, a vacant building doesn’t mean lost income—it often signals untapped potential. With the launch of The Ultimate Guide to Investment Properties Sold for Change of Use Conversion, Bob Knakal, Chairman & CEO of BKREA, shares insider strategies for repositioning real estate assets for dramatically higher returns. Drawing from 40+ years and thousands of transactions, Knakal makes the case that conversions are where vision meets value in NYC real estate.

Key Takeaways

• Vacancy as an Asset: In NYC, unoccupied properties often sell for more than occupied ones—especially when buyers envision a change of use (e.g., office to residential).
• Real Case Studies: The guide highlights 141 East 44th Street’s journey from apartment to office to hotel, and now a prime candidate for luxury condos—proving how repositioning unlocks value.
• Premium Buyer Pool: User buyers (schools, hospitals, developers) often pay 50–100% more than yield investors when a building matches their unique purpose.
• Conversion Sale Types: The guide explores office-to-residential, hotel-to-student housing, warehouse-to-loft, and other popular repositioning paths.
• Zoning & Strategy Matter: Strategic marketing and zoning knowledge are key—vacant buildings marketed as "blank canvases" to the right audience attract top-dollar offers.
• Timing Is Everything: Conversion sales thrive on perfect market timing and storytelling, often succeeding where traditional investment sales fall short.

Frequently Asked Questions

Q: Why would a vacant building sell for more than an occupied one in NYC?

A: User buyers or developers prefer flexibility. A vacant building can be repositioned faster, without tenant buyouts or regulatory delays.

‍Q: What is a “conversion sale”?

A: It’s the sale of a property with the intent that the buyer will change its use—like turning an office into apartments or a warehouse into creative space.

Q: What types of buyers pursue conversions?

A: Schools, hospitals, residential condo developers, boutique hotels, nonprofit institutions, and owner-users looking to customize a space.

‍Q: How do I know if my building qualifies for a conversion strategy?

A: Factors include location, zoning, structural flexibility, vacancy status, and demand in your submarket. The guide breaks this down in detail.

‍Q: Can partially occupied buildings be marketed for conversion?

A: Yes. The key is knowing how to position the asset and understanding legal and practical paths to full vacancy or partial reuse.

‍Q: Where can I get the full guide?

A: Visit BKREA.com/conversion-properties to download the guide and explore more NYC real estate strategies.

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