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Successful Sale of 507-511 West 33rd Street in Hudson Yards, Midtown West, Manhattan
Bob Knakal successfully closed the sale of the development site at 507-511 West 33rd Street in Manhattan’s rapidly growing Hudson Yards. The property, owned by Sanford Plotkin of Carry Hot, sold for $30,000,000 to Related Companies as part of their ongoing efforts to assemble properties in the area for the massive Hudson Yards redevelopment project.
The deal showcases Bob's skill in handling competitive offers and using creative dealmaking to get the best value for his clients.
Sale Details
The sale of 507-511 West 33rd Street closed on August 31, 2015, for $30,000,000. The competitive marketing process and strategic negotiation ensured that the final sale price far exceeded the initial offer from Related Companies, providing the seller with an excellent outcome.
Sale Price: $30,000,000
Seller: Sanford Plotkin, Carry Hot
Buyer: Related Companies
Seller Type: Private Owner (Business Owner)
Property Type: Development Site, Industrial
Sale Date: August 31, 2015
Property Details
The site at 507-511 West 33rd Street featured 80 feet of frontage and was located right in the “L” shape of the Coach building being developed by Related Companies.
The property was part of an underutilized block of smaller buildings, making it a prime target for assemblage as the Hudson Yards project continued to expand.
The building was previously occupied by Carry Hot, a company founded by Sanford Plotkin, which patented insulated delivery bags for hot pizzas.
Full Address: 507-511 West 33rd Street, New York, NY 10001
Zoning: Development, Industrial
Property Type: Development Site
Sale Price: $30,000,000
The Strategy: From $22 Million to $30 Million
In 2014, Related Companies was actively assembling properties in the Hudson Yards area as part of their landmark redevelopment project.
They had made a major deal with Coach to move into one of their office towers under construction, and as part of that agreement, Related also acquired the property Coach owned on the 500 block of 34th Street, extending through to 33rd Street. The next target for assemblage was 507-511 West 33rd Street, which was owned by Carry Hot.
Sanford Plotkin, the owner of Carry Hot, was approached by Related with an initial offer of $22 million for the property. However, Plotkin reached out to Bob Knakal, who had been working to build a relationship with him for years.
Bob knew the potential of the property and saw an opportunity to increase the offer by implementing a competitive marketing campaign.
Competitive Bidding and Negotiation
Bob launched a broad marketing campaign to attract competitive bids for the property. Multiple offers came in, allowing Bob to create leverage in the negotiations with Related.
After a series of masterfully handled meetings with Jeff Blau, Related’s CEO, Bob secured a final sale price of $30 million, significantly higher than the original offer.
The outcome benefited both parties: Related acquired a vital property for their Hudson Yards project, and Sanford Plotkin received the best possible sale price for his building.
Neighborhood Overview
Hudson Yards has experienced unprecedented growth and development over the past decade.
Key factors driving the area's transformation:
- Large-scale projects led by developers like Related Companies.
- Rezoning in 2005, which set the stage for a property value boom.
- High demand for mixed-use, commercial, and residential projects.
Sale of 507-511 West 33rd Street:
- Part of the ongoing trend in Hudson Yards.
- Highlights strong demand for prime development sites in this transformative Manhattan neighborhood.
Conclusion
The sale of 507-511 West 33rd Street showcases Bob Knakal’s ability to create value through competitive bidding and strategic negotiation.
By taking an initial $22 million offer and transforming it into a $30 million sale, Bob delivered outstanding results for his client, Sanford Plotkin.
This transaction highlights the importance of creative dealmaking and market expertise in New York City’s fast-paced real estate environment.
Testimonial
Here is what Sanford Plotkin, owner of Carry Hot, had to say about the transaction:
"Bob Knakal and his team were able to come up with great solutions when problems arose that were totally equitable for me. Bob is a creative dealmaker and was an outstanding trusted advisor in my corner. I was confident that he would perform this way and that is why I hired him. Thank you for a job well done.”
– Sanford Plotkin, Carry Hot
Learn More About Manhattan Real Estate Development
Explore more of our remarkable deals in our exclusive online magazine featuring Hudson Yards and surrounding areas in Success Stories. Discover how we consistently maximize value and sale prices for our clients across New York City's most desirable neighborhoods, including 501 & 511 West 35th Street in Hudson Yards, Midtown West, Manhattan.
