Successful Sale of 150 West 48th Street in Midtown West
Bob Knakal and his team successfully facilitated the sale of a prime development site at 150 West 48th Street, an expansive Midtown West assemblage spanning five buildings. The site sold for an impressive $138,770,000, marking another significant transaction in Manhattan’s competitive real estate market.
Sale Details
This high-value sale was finalized on December 18, 2019, with Sam Chang, a prolific hotel developer, acquiring the site from Kurt Drstvensek of Rockefeller Group. The development site, situated between Sixth and Seventh Avenues, offers 155 feet of frontage along 48th Street and boasts 276,000 buildable square feet (BSF).
Sale Price: $138,770,000
Price per SF/BSF: $502.79
Seller: Kurt Drstvensek, Rockefeller Group
Buyer: Sam Chang
Seller Type: Developer
Property Type: Hotel Development Site
Neighborhood: Midtown West, Manhattan
Lot Size: 15,575 square feet
Buildings Included: 5
Property Highlights
The development site offers unique advantages, including:
- Prime Location: Nestled in Midtown West, one of Manhattan’s most vibrant neighborhoods, known for its proximity to landmarks like Times Square and Rockefeller Center.
- Significant Frontage: The site features 155 feet of street frontage, enhancing its development potential.
- Expansive Buildable Space: With 276,000 BSF, the site is ideal for large-scale commercial or mixed-use projects.
- Strong Market Position: Located in a high-demand area with thriving retail, hospitality, and office markets.
Strategic Market Positioning
Bob Knakal and his team leveraged their extensive market knowledge to position the property as an exceptional development opportunity. The strategic location and sheer scale of the site made it highly appealing to developers like Sam Chang, known for his expertise in hospitality projects.
Neighborhood Overview
Midtown West continues to attract developers and investors due to its:
- World-Class Amenities: Close proximity to cultural icons, including Broadway theaters and luxury retail destinations.
- Accessibility: Excellent transportation options, with nearby subway lines and bus routes.
- High Demand for Development: Consistent interest in large-scale projects, making it a sought-after neighborhood for ambitious developments.
Learn More About New York Real Estate Development
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