Development Site At 21-23 West 45th Street Sold For $14M In Manhattan By BKREA

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BKREA arranged the $14 million sale of 21-23 West 45th Street, a development site in Midtown Manhattan. The transaction closed on September 16, 2026, highlighting continued investor interest in development opportunities within one of New York City’s most established commercial districts. The property was marketed as a covered-land opportunity, offering potential for future redevelopment in a highly accessible Midtown location.

The property has a combined lot area of approximately 5,021 square feet and zoning floor area of 50,210 square feet as of right, with potential for up to 60,252 square feet under applicable zoning provisions. Located near Fifth Avenue, Rockefeller Center and Grand Central Terminal, the site benefits from Midtown’s concentration of offices, hotels, retail destinations and transportation connections.

Key Takeaways

• $14 Million Closed Sale
  The transaction closed on September 16, 2026, for a reported sale price of $14 million, demonstrating the continued value of development opportunities in Midtown Manhattan.
• Prime Midtown Location
  Situated on West 45th Street, the property is positioned near major commercial, retail and hospitality destinations, with convenient access to multiple subway lines and Grand Central Terminal.
• 50,210 SF of As-of-Right Zoning Floor Area
  The site offers approximately 50,210 square feet of residential zoning floor area, with potential for up to 60,252 square feet under the Universal Affordability Preference (UAP), subject to applicable requirements.
• Covered-Land Investment Strategy
  The property presents a covered-land opportunity, allowing investors to evaluate existing property operations alongside longer-term redevelopment potential. Its zoning capacity and Midtown location provide a foundation for assessing future development options.
• Experienced BKREA Representation
  The transaction was facilitated by Bob Knakal, Jas Saini, Nick Tuleu and Julia Perrone of BKREA, reflecting the team’s focus on investment sales and development opportunities across New York City.

Why 21-23 West 45th Street Matters

Midtown Manhattan remains a strategic location for real estate investors because of its concentration of commercial activity, transit infrastructure and established demand for space. Development sites in this area can offer investors flexibility to evaluate current property use against the longer-term value of permitted floor area and redevelopment potential.

The sale of 21-23 West 45th Street illustrates the importance of understanding a property’s zoning, location and potential future uses when positioning an asset for the investment market. For BKREA, the transaction highlights the firm’s role in connecting property owners with investors seeking opportunities in Manhattan’s competitive real estate market.

Featured Property Highlights

• Address: 21-23 West 45th Street, New York, NY
• Neighborhood: Midtown Manhattan
• Transaction Price: $14,000,000
• Closing Date: September 16, 2026
• Lot Area: Approximately 5,021 SF
• As-of-Right Zoning Floor Area: Approximately 50,210 SF
• Potential Zoning Floor Area: Up to 60,252 SF under UAP
• Property Type: Covered-land development site
• BKREA Team: Bob Knakal, Jas Saini, Nick Tuleu and Julia Perrone

Frequently Asked Questions

What was the sale price of 21-23 West 45th Street?
The property sold for $14 million on September 16, 2026.

Where is the property located?
The site is located at 21-23 West 45th Street in Midtown Manhattan, near major commercial, retail and transportation destinations.

How much development floor area does the site offer?
The site has approximately 50,210 square feet of as-of-right zoning floor area, with potential for up to 60,252 square feet under UAP, subject to applicable requirements.

What is a covered-land investment?
A covered-land investment combines an existing property with the potential for future redevelopment, allowing investors to consider current use and long-term development value.

Who handled the transaction?
The sale was facilitated by Bob Knakal, Jas Saini, Nick Tuleu and Julia Perrone of BKREA.

Why is the property’s location important?
Its Midtown location provides access to major office, retail and hospitality districts, along with extensive subway and regional rail connections.

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