Successful Sale of 204 Fifth Avenue in NoMad, Manhattan
Bob Knakal and his team facilitated the successful sale of 204 Fifth Avenue, a mixed-use property in Manhattan’s NoMad neighborhood. The transaction, which closed on January 11, 2017, for $29,500,000, involved John Alschuler, Chairman of HR&A Advisors, as the seller. Porcelanosa, a Spanish manufacturer, distributor, and retailer of ceramic tiles, was the buyer.
Sale Details
Bob Knakal’s expert guidance and strategic approach led to a remarkable sale price and favorable terms for the seller, John Alschuler. The final sale price of $29.5 million reflects a price of $2,029.16 per square foot, highlighting the value of the property and its potential in the rapidly developing NoMad neighborhood.
- Sale Price: $29,500,000
- Seller: John Alschuler, Chairman, HR&A Advisors
- Buyer: Porcelanosa
- Property Type: Mixed-Use, User
- Sale Date: January 11, 2017
- Lot Size: 1,380 SF
- Building Size: 14,538 SF
- Price per SF: $2,029.16
- Stories: 3
- Units: 1
- Borough: Manhattan
- Neighborhood: NoMad
Property Overview
The property at 204 Fifth Avenue, located in the vibrant NoMad district, offered a prime mixed-use space, with significant appeal for both retail and residential users. With its spacious layout and strategic location, this property was highly sought after by potential buyers, including Porcelanosa, who saw the opportunity to expand their presence in Manhattan.
Neighborhood Overview
- Prime Location: NoMad is a sought-after neighborhood in Manhattan, renowned for its mix of commercial, residential, and retail spaces.
- Strong Demand: The area has seen increased interest from both investors and businesses, particularly in the mixed-use sector.
- Key Attractions: Proximity to landmarks such as the Empire State Building and Madison Square Park enhances the area's appeal.
- Vibrant Retail Scene: NoMad has become a hub for high-end retail brands and restaurants, contributing to its growing real estate value.
Conclusion
The sale of 204 Fifth Avenue is a prime example of Bob Knakal’s ability to navigate the complexities of New York City’s real estate market. His thorough market understanding and consistent communication with clients ensured that John Alschuler received optimal terms and a sale price above expectations. This successful transaction further solidifies Bob’s reputation as a trusted advisor in the industry.
Testimonial
“The best decision made was to bring in Bob Knakal and his team to represent us in this sale. Bob’s insights were remarkably spot on, and his handling of all aspects was professional from start to finish. My thanks to Bob, Jonathan, and their entire team. And as the final acid test, the financial results were literally better than we could have expected and certainly ‘above market,’ to the extent such a term can be applied to a closed transaction. We would be happy to give our highest recommendation to other potential sellers.” – John Alschuler, Chairman, HR&A Advisors
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