BKREA, led by CEO Bob Knakal, has successfully closed the $16,220,000 sale of 10 West 17th Street, a prime Flatiron residential development site. This transaction highlights the continued demand for rare development opportunities in Manhattan and marks Knakal’s 2,352nd building sale, reinforcing his unmatched legacy in New York City investment sales.
Key Highlights
$16.22 Million Transaction: BKREA closed the sale of a fully vacant Flatiron site, positioned for high-end residential development.
Flatiron Location Advantage: Situated between Fifth Avenue and Sixth Avenue, the property offers immediate access to premier dining, retail, office hubs, and multiple subway lines.
Development Potential: With a 4,140 SF lot and as-of-right zoning for 41,400 buildable SF, plans call for an 18-story, 41,290 ZFA luxury condominium project.
Fully Vacant Delivery: Delivered without tenants, the site represents one of the rarest offerings in Manhattan’s core submarkets.
Landmark Milestone: This marks Bob Knakal’s 2,352nd career building sale, underscoring his four decades of influence in NYC’s investment sales market.
Repeat Success: BKREA originally sold the site in 2022, showcasing its long-term client relationships and ability to deliver results across multiple market cycles.
Frequently Asked Questions
Q: Why is 10 West 17th Street considered a prime site?
A: Its Flatiron location, fully vacant status, and LPC-approved plans make it one of the most compelling development opportunities in Manhattan.
Q: What type of project is envisioned for the site?
A: An 18-story, luxury residential condominium with approximately 41,290 ZFA.
Q: Who handled the transaction?
A: The deal was executed by BKREA’s Bob Knakal, Ryan Candel (SVP), and Jas Saini (Senior Associate).
Q: How significant is this sale for Bob Knakal’s career?
A: It represents building sale number 2,352, a milestone achievement in his 41-year career of shaping NYC investment sales.
Q: What does this transaction say about the NYC development market?
A: Despite broader challenges, best-in-class development sites in prime neighborhoods continue to attract strong demand from developers.
